Uk will for Spanish resident
 

I have a Spanish will, which I understand in theory covers assets worldwide. Since making it I inherited some money in the UK and put most of it in a UK savings account, so I now have an asset there for the first time. But I read that it’s advisable or easier to have a separate UK will for UK assets.

Bearing in mind all I have in the UK is this account/money, no property or anything else, and would rather not spend hundreds of pounds if I can avoid it, how would I go about making this will? I’ve looked at UK online will making services (such as Co-op), but they seem to be for UK residents only. So should I go to a high street solicitor next time I’m in the UK this summer, or do I need a specialist expat service?

Anyone done this and can guide me as to the best/easiest way and how much I can expect to pay? Thanks.

Re: Uk will for Spanish resident
 

A will made under Spanish law will not override the rules of another country so you are correct in thinking you need a will for each country. If you have a Spanish will, the chances are that probate in the UK will not happen until probate in Spain is complete. There are companies in the UK that make expat wills but you are probably best just calling in at a High Street solicitor who should charge you around £250. I would do your research beforehand and make sure they will accommodate you as a non-resident. Also, make sure your UK will applies to UK assets only to avoid revoking your Spanish will. I understand that you can do without paying this amount but it could save your heirs a lot of trouble later on.

It could be that tax may be your biggest headache compared to a will but maybe you have taken care of this? As always, nothing is simple.

https://www.blevinsfranks.com/estate-planning-for-uk-nationals-in-spain/#:~:text=The%20Spanish%20inheritance%20regime%20im poses:%20*%20**Forced,ascendants%20are%20effective ly%20exempt%20from%20succession%20tax

https://www.notariesofeurope.eu/en/faq3/successions-in-europe/spain/

Re: Uk will for Spanish resident
 

If more than equivalent €50,000 … don’t forget a Modelo 720 declaration and if account opened last year, a declaration is due before end of March.

Re: Uk will for Spanish resident
 

Thanks both
When you mention tax, i assume you mean tax due in Spain on the inheritance? It was duly declared through my gestor and tax paid, and i completed the 720.
I will look into solicitors in my home town and see if they can do this. I only have a single heir, my civil partner, and a very simple estate, so hopefully this will be straightforward enough, notwithstanding 250 quid!

Re: Uk will for Spanish resident
 

…tax payable in Spain on interest assuming the UK savings account is generating interest.

Out of curiosity what savings account as most aren’t available to UK non residents (NS&I being an exception)?

Re: Uk will for Spanish resident
 

Plenty of offshore accounts available to non UK residents

Re: Uk will for Spanish resident
 

Yes and I make use of them but always interested in alternatives.

Re: Uk will for Spanish resident
 

HSBC UK (ie not the expat version). I think it's the only UK high street bank that allows non residents to open both a current and savings account. I was surprised, but they make it clear on their website. The only thing us you can't open an account online initially. I opened my current account and fixed rate saver in person, but I believe you can also do it by phone.
And of course I declare the interest on my savings here in Spain. I also called Hmrc to check on sny obligations there as the interest is paid gross, but there's no tax to pay in the UK.

Re: Uk will for Spanish resident
 

Barclays told me I couldn't keep my account with them after Brexit due to licences. I managed to open an HSBC UK current account without too much difficulty online and with a few phone calls. I have had no problems running my account with them to date all communications cards etc come to my Spanish address without issue. However its interesting that you managed to set up a savings account with them. When i was setting up my current account i asked about a savings account and they said no I could have UK current account but not a savings account? I resolved the issue by setting up an NS&I savings account so problem solved.

Re: Uk will for Spanish resident
 

Perhaps they changed policy after you asked, but their current website makes it quite clear you can open a savings account. In the how to section for my fixed rate saver it says "If you have multiple tax residencies or are a non-UK tax resident, you can't complete your application online. Please visit one of our branches or call us to open your account".

incidentally, who did you use to certify your document ro open your ns&i account, as when I looked it seemed a very short and exclusive list of acceptable people , such as a mayor!

Re: Uk will for Spanish resident
 

It may have been that they meant I couldn't open the savings account online as I had asked while speaking on the phone to them. It's not an issue as I opened an NS&I savings account which works fine . As for the certification certificate yes that was quite restrictive and I wasn't sure I think I called in to a notary and they did it for me from memory it cost me 8 euros but did the job.

Re: Uk will for Spanish resident
 

There are many onshore accounts available to non-residents but they need to be in existence before you move out of the UK

Re: Uk will for Spanish resident
 

Is it worth considering disbursing the funds in that account sooner (anytime before passing...) rather than later (according to will), or would that also entail tax implications in either or both countries?

Re: Uk will for Spanish resident
 

Not really sure what you mean by disbursing the funds. My partner is my sole heir, who should the need arise could of course benefit from the money while we are both alive. I’m not looking to give the money to anyone in life. My only concern is ensuring my partner gets my assets in both the UK and Spain should I die first, and making that process as easy as possible, hence a UK Will alongside my Spanish Will. Of course, it may well be that at some point in the future I transfer some or all of the money here to Spain. You never know what’s round the corner…

Re: Uk will for Spanish resident
 

Gifts are taxed just like inherritance.