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Will for a resident but a UK national
As far as I know …….. I told them that “they can†opt that UK will rules apply when making a will via a Notario
Am I correct ?. The reason is because their children live in the UK and do not have the funds to pay inheritance costs should the Spanish system take place ? (This is a worry for them as the parents (residents) live in Spain & have a Spanish will) Any legal/ actual law would be appriciated. |
Re: Will for a resident but a UK national
Originally Posted by VFR
(Post 13332387)
As far as I know …….. I told them that “they can†opt that UK will rules apply when making a will via a Notario
Am I correct ?. The reason is because their children live in the UK and do not have the funds to pay inheritance costs should the Spanish system take place ? (This is a worry for them as the parents (residents) live in Spain & have a Spanish will) Any legal/ actual law would be appriciated. |
Re: Will for a resident but a UK national
Information on the reductions to IHT for Group I and II beneficiaries in certain regions:-
How Spain’s succession tax reforms are protecting family inheritance | Blevins Franks And an explanation of what effect the Brussels IV clause has Brussel IV's impact on UK succession post-Brexit |
Re: Will for a resident but a UK national
Thanks for the info & links.
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Re: Will for a resident but a UK national
Even if their children won't have to pay inheritance tax (if the parents live in one of the regions with the more favourable IHT regimes) the parents should still make them aware that they'll have legal costs to pay (not really possible for people who don't know the Spanish tax and legal systems well, or speak Spanish, to deal with an inheritance, a tax return still has to be submitted even if there's no tax to pay and then a notary has to draw up an escritura de herencia) whereas for a simple estate it's quite straightforward to apply for probate without using a solicitor in the UK. The beneficiaries will also need to get a Spanish NIE number. They may also have to pay plus valia to the local authority on the parents' property (some Ayuntamientos no longer charge plus valia on inherited properties (eg Nerja for example) but mine (Velez Malaga) still does so they should check out the position where they live.
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Re: Will for a resident but a UK national
Originally Posted by Lynn R
(Post 13332414)
Even if their children won't have to pay inheritance tax (if the parents live in one of the regions with the more favourable IHT regimes) the parents should still make them aware that they'll have legal costs to pay (not really possible for people who don't know the Spanish tax and legal systems well, or speak Spanish, to deal with an inheritance, a tax return still has to be submitted even if there's no tax to pay and then a notary has to draw up an escritura de herencia) whereas for a simple estate it's quite straightforward to apply for probate without using a solicitor in the UK. The beneficiaries will also need to get a Spanish NIE number. They may also have to pay plus valia to the local authority on the parents' property (some Ayuntamientos no longer charge plus valia on inherited properties (eg Nerja for example) but mine (Velez Malaga) still does so they should check out the position where they live.
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