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with Costasea Legal Advisers

Why is it advisable to have a Spanish Will?

When you are a foreigner and you have assets in Spain, it is always be�er to have a Spanish Will over those assets than not to have one, since the applicable Spanish Law determines who will be the forced heirs when a person dies without a Will.

The applicable law in Spain imposes who will be your forced heirs when you have not made a will over your assets in Spain, removing from your control, the decision over your assets.

That is to say, if you have not made a will in which you have determined who your heirs should be, the applicable law in Spain will forcefully impose an order of heirs, which may go against who you wish to be your beneficiaries.

Don’t lose control over who receives your assets

But you also have to take into account that if you do not make the corresponding will before your death, taking into account the value of your estate, it is possible that the tax legisla�on will take your heirs and rela�ves by surprise.

This means that by not having a Will you are not deciding who are your beneficiaries, the applicable Spanish legisla�on will act, at the same �me you are not controlling correctly what taxes your heirs can pay. Since depending on the assets and the family you have, or even if you have no family, the tax consequences for your heirs may be to pay in the future when you pass away for the transfer of your assets.

Therefore, whenever a foreign person has assets in Spain, it is highly recommended that he/she make a Spanish Will according to his/her family and economic circumstances.

Some�mes a person in good faith determines, for example, that his girlfriend or boyfriend will be his heir in case of death, without taking into account that, according to the applicable Spanish legisla�on, since he is not a rela�ve, he will pay taxes for receiving a house in inheritance, and that however, you do not have money for taxes to be paid for the transmission of your assets.

Always seek specialized legal advice when making your Will

At Costasea asesores legales we have lawyers specialized in wills and inheritance and we will be happy to hear your case giving you the best advice according to your personal, family and economic situa�on.

Will your heir have the money to pay taxes?

That is why it is always advisable before gran�ng a Spanish Will to go to a specialist lawyer so that, depending on the wealth of the person and its value, you can correctly choose who to name as beneficiary, or for example specifically determine a rela�ve as heir taking into account the tax consequences of your decision.

TALKING LEGAL

With Costasea Legal Advisers

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Have you got an INHERITANCE TAX PLAN regarding your assets in Spain? Are your beneficiaries here in Spain to inherit your assets? We can help you with all of this.

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