Talking Legal with Costasea

Legal Advisers

The importance of being well advised in the inheritance process.

The death of a loved one is a difficult time for all family members, which can be even more so if we do not have the legal support of professionals specialised in inheritance matters, who have been able to advise them, even before the death.

Why do I mention this? Because something as insignificant as making a Will in Spain can avoid complications for the beneficiaries, considerably lengthening the inheritance process.

Every inheritance process consists of three important phases that must be advised by specialists in the field: the preparatory phase with or without a will, the inventory and distribution of assets and the payment of inheritance tax.

The preparatory phase consists of compiling the necessary documentation. At this point it will be a great relief if there is a will in Spain, as we will compile the documentation in Spain and move on to the next phase. If there is no will, we will also have to collect foreign documentation, such as the marriage certificate if the deceased was married, as well as legalise and translate it.

The phase of inventory and distribution of assets will also depend on whether he has made a will naming his beneficiaries and the distribution of his assets among them. When there is no Will, other factors must be taken into account, such as whether or not the deceased was resident in Spain and the entry into play of Spanish inheritance regulations regarding forced heirs in order to proceed with the distribution of assets. Therefore, the best advice we can give you is to make a Will if you have assets in Spain.

The last phase depends on the previous one, i.e. who your heirs are and the value of the assets that your heirs receive. In Spain we have a regulation that allows us to benefit from the payment of inheritance tax, or directly, exempt us from paying taxes if we meet a series of tax requirements.

From CostaSea legal advisors, we have marked a line of advice that begins in the will, prior to death, but being aware of how complicated it is, the best advice we can give you is to contact lawyers specialising in inheritance issues that offer a complete accompaniment taking into account the tax effects of the process.

e last few years have presented various challenges, which perhaps makes it more important for us to take control where we can, particularly with our long-term nancial security. What steps can you take in 2023 to protect yourself and your family well into the future?

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