Question re making a will
#16
Re: Question re making a will
I'm not even sure that Spanish law has the concept of an executor.
#17
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Joined: Dec 2017
Location: Malaga
Posts: 80
Re: Question re making a will
We recently revised our UK wills and therefore our Spanish wills (property and assets in both jurisdictions). Our Spanish lawyers firm are Executors and the will confirms the existence of our UK Will and the clear instruction that our Spanish estate is to be liquidated and alĺ proceeds are to be forwarded to the UK for final settlement.
#18
Re: Question re making a will
all we want really is to stop a certain person gaining after our deaths, and to make sure our daughter dose.we want her to be the soul inheritor
#19
Re: Question re making a will
We recently revised our UK wills and therefore our Spanish wills (property and assets in both jurisdictions). Our Spanish lawyers firm are Executors and the will confirms the existence of our UK Will and the clear instruction that our Spanish estate is to be liquidated and alĺ proceeds are to be forwarded to the UK for final settlement.
Last edited by Mustard; Aug 29th 2019 at 7:36 pm.
#20
Re: Question re making a will
We recently revised our UK wills and therefore our Spanish wills (property and assets in both jurisdictions). Our Spanish lawyers firm are Executors and the will confirms the existence of our UK Will and the clear instruction that our Spanish estate is to be liquidated and alĺ proceeds are to be forwarded to the UK for final settlement.
The two systems are totally different.
#21
Re: Question re making a will
There is no such thing as an ‘estate’ in Spanish law. Each beneficiary is responsible individually for any taxes due and the amount depends on the personal circumstances and relationship to the deceased. They have to pay the tax before they get the money even if they are not resident in Spain. In the UK the total assets of the deceased are the ‘estate” and any taxes are taken out of that before being distributed, which is where an executor is involved. Inheritance tax is paid by the “estate” not by the beneficiaries.
Sounds like leaving Spanish assets to a UK resident could be very problematic as thay would have to deal with the Spanish tax system.
The two systems are totally different.
Sounds like leaving Spanish assets to a UK resident is difficult for the legatee as they would have to deal with the Spanish tax system.
Last edited by Mustard; Aug 29th 2019 at 8:56 pm.
#22
Re: Question re making a will
So if hypothetically I have 'bienes' in Spain of 200,00 and leave 100,000 to my girlfriend in Spain and 100,00 to my brother in England, they both have to complete tax forms which decides how much they will receive, depending on various factors. In the meantime, who is sitting on the money and administering the assets if the concept of Executor doesn't exist?
Sounds like leaving Spanish assets to a UK resident is difficult for the legatee as they would have to deal with the Spanish tax system.
Sounds like leaving Spanish assets to a UK resident is difficult for the legatee as they would have to deal with the Spanish tax system.
I think the assets just 'sit' there. Any property can't be sold until taxes have been paid. Any cash is held in the banks.
#23
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Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,920
Re: Question re making a will
So if hypothetically I have 'bienes' in Spain of 200,00 and leave 100,000 to my girlfriend in Spain and 100,00 to my brother in England, they both have to complete tax forms which decides how much they will receive, depending on various factors. In the meantime, who is sitting on the money and administering the assets if the concept of Executor doesn't exist?
Sounds like leaving Spanish assets to a UK resident is difficult for the legatee as they would have to deal with the Spanish tax system.
Sounds like leaving Spanish assets to a UK resident is difficult for the legatee as they would have to deal with the Spanish tax system.
It really can be difficult and costly for a UK legatee to receive an inheritance of assets in Spain. A friend of ours inherited a house in Spain from her brother (he had no closer relatives). She also inherited his UK property and savings - luckily, because she was able to get probate in the UK quite quickly and use that money to pay the Spanish inheritance tax within six months of his death. The Spanish inheritance tax was quite substantial, even on a house valued at under €100,000k, she also had to pay plus valia to the Ayuntamiento on the "official" increase in the value of the land the property was built on, and of course she had to pay a lawyer to sort everything out for her. It all took well over a year. A child inheriting a Spanish house from a parent would pay less inheritance tax as they are in a different group for Spanish IHT purposes, having a closer degree of relationship. Leaving it to a girlfriend, though, would mean an even higher IHT bill for her as she would be classed as a person unrelated to the deceased and therefore would not be entitled to claim any tax allowance to offset against the IHT due.
Last edited by Lynn R; Aug 30th 2019 at 9:06 am.