Question re making a will
#1
Question re making a will
Can anyone please advise me on this.
I am shortly going to draw up a will. I'm a UK citizen but Spanish resident.
My assets are 50% in UK / 50% in Spain. The deeds of my UK property are held by a UK solicitor.
Having no descendants, I want to leave most of my estate to UK Charities.
I'm not sure what the inheritance tax implications would be...
Would the UK charities have to pay Spanish Inheritance tax on all the assets?
Should I make a Spanish will or a UK will?
I'm going to see a Spanish law firm soon but would appreciate any thoughts.
I am shortly going to draw up a will. I'm a UK citizen but Spanish resident.
My assets are 50% in UK / 50% in Spain. The deeds of my UK property are held by a UK solicitor.
Having no descendants, I want to leave most of my estate to UK Charities.
I'm not sure what the inheritance tax implications would be...
Would the UK charities have to pay Spanish Inheritance tax on all the assets?
Should I make a Spanish will or a UK will?
I'm going to see a Spanish law firm soon but would appreciate any thoughts.
#2
Re: Question re making a will
Can anyone please advise me on this.
I am shortly going to draw up a will. I'm a UK citizen but Spanish resident.
My assets are 50% in UK / 50% in Spain. The deeds of my UK property are held by a UK solicitor.
Having no descendants, I want to leave most of my estate to UK Charities.
I'm not sure what the inheritance tax implications would be...
Would the UK charities have to pay Spanish Inheritance tax on all the assets?
Should I make a Spanish will or a UK will?
I'm going to see a Spanish law firm soon but would appreciate any thoughts.
I am shortly going to draw up a will. I'm a UK citizen but Spanish resident.
My assets are 50% in UK / 50% in Spain. The deeds of my UK property are held by a UK solicitor.
Having no descendants, I want to leave most of my estate to UK Charities.
I'm not sure what the inheritance tax implications would be...
Would the UK charities have to pay Spanish Inheritance tax on all the assets?
Should I make a Spanish will or a UK will?
I'm going to see a Spanish law firm soon but would appreciate any thoughts.
Make sure each will mentions the existence of the other.
Make sure your Spanish will has the clause in it allowing you to leave your estate to whomever you want.
#4
Re: Question re making a will
That's an interesting idea but what are the advantages of two wills?
#5
Re: Question re making a will
If you don't have a Spanish will, then the UK one must be probated first, then it takes simply ages to sort assets in Spain.
There are many other reasons but that's the one that I would be most concerned about.
There are many other reasons but that's the one that I would be most concerned about.
#6
Re: Question re making a will
It’s all to do with Spanish succession law which takes away almost all your rights to leave your assets to whom you like. They have to be left primarily to the children and the remaining spouse is entitled to nothing apart from the right to live in the family home until death.
In the past, it was generally accepted that this did not apply to foreigners who were able to use the succession law of their own country. This was always a bit vague legally, so a few years ago the EU issued a decree that, if specifically requested in the will, that the foreign law would apply. So, it is essential that you have a will for assets in the UK as well as in Spain. A combined will will create huge problems as the legal systems in both countries are very different.
The simple rule on IHT is that assets in Spain are taxed in Spain irrespective of residency. UK assets bequeathed to a UK resident will be taxed only in the UK but if a Spanish resident receives a bequest of UK assets they will be taxed in Spain. The payment of IHT is down to the recipient unlike UK law where it is the estate that is taxed, not the individual. IHT is a very complex area and the actual tax paid can be determined by your location, not by national rules. If in doubt talk to a professional.
In the past, it was generally accepted that this did not apply to foreigners who were able to use the succession law of their own country. This was always a bit vague legally, so a few years ago the EU issued a decree that, if specifically requested in the will, that the foreign law would apply. So, it is essential that you have a will for assets in the UK as well as in Spain. A combined will will create huge problems as the legal systems in both countries are very different.
The simple rule on IHT is that assets in Spain are taxed in Spain irrespective of residency. UK assets bequeathed to a UK resident will be taxed only in the UK but if a Spanish resident receives a bequest of UK assets they will be taxed in Spain. The payment of IHT is down to the recipient unlike UK law where it is the estate that is taxed, not the individual. IHT is a very complex area and the actual tax paid can be determined by your location, not by national rules. If in doubt talk to a professional.
Last edited by Fred James; Aug 23rd 2019 at 7:07 pm.
#7
Re: Question re making a will
It’s all to do with Spanish succession law which takes away almost all your rights to leave your assets to whom you like. They have to be left primarily to the children and the remaining spouse is entitled to nothing apart from the right to live in the family home until death.
In the past, it was generally accepted that this did not apply to foreigners who were able to use the succession law of their own country. This was always a bit vague legally, so a few years ago the EU issued a decree that, if specifically requested in the will, that the foreign law would apply. So, it is essential that you have a will for assets in the UK as well as in Spain. A combined will will create huge problems as the legal systems in both countries are very different.
The simple rule on IHT is that assets in Spain are taxed in Spain irrespective of residency. UK assets bequeathed to a UK resident will be taxed only in the UK but if a Spanish resident receives a bequest of UK assets they will be taxed in Spain. The payment of IHT is down to the recipient unlike UK law where it is the estate that is taxed, not the individual. IHT is a very complex area and the actual tax paid can be determined by your location, not by national rules. If in doubt talk to a professional.
In the past, it was generally accepted that this did not apply to foreigners who were able to use the succession law of their own country. This was always a bit vague legally, so a few years ago the EU issued a decree that, if specifically requested in the will, that the foreign law would apply. So, it is essential that you have a will for assets in the UK as well as in Spain. A combined will will create huge problems as the legal systems in both countries are very different.
The simple rule on IHT is that assets in Spain are taxed in Spain irrespective of residency. UK assets bequeathed to a UK resident will be taxed only in the UK but if a Spanish resident receives a bequest of UK assets they will be taxed in Spain. The payment of IHT is down to the recipient unlike UK law where it is the estate that is taxed, not the individual. IHT is a very complex area and the actual tax paid can be determined by your location, not by national rules. If in doubt talk to a professional.
#8
BE Forum Addict
Joined: Nov 2003
Location: Cartama, Malaga
Posts: 1,168
Re: Question re making a will
in the case of having no children, dont the assets get transferred to the town hall or the government etc? (i might be mistaken, but im sure that i read it somewhere)
#9
Re: Question re making a will
#10
BE Enthusiast
Joined: Aug 2012
Location: Granada Province
Posts: 549
Re: Question re making a will
Bang on correct imho. The Spanish will also must include a clause that you wish the law relating to your Country of birth to apply to your estate. Your advisor will probably tell you this.
#11
Re: Question re making a will
hi , i have been told recently if you know some you trust appoint them as your P.O.A we are looking at this now because of family issues ,, i don,t really know, we are going to see our notary soon ,hope this might help it very difficult isn't it
#14
Re: Question re making a will
hi snikpoh,you are quite right .wife looked up what you said it,s true, thanks once again we now understand P.O.A is if you are alive but not of sound mind or ill .we are still going ahead to give our daughter P.O.A in case of the unexpected...
#15
Forum Regular
Joined: May 2017
Posts: 256
Re: Question re making a will
Why not make your daughter the executor?