4 Things to Know about Spanish Wills
A will is essential wherever you live, but it is particularly important as a foreigner with assets in Spain to be aware of how inheritance law differs here. Here are some key things to note about Spanish wills.
- Draft a Spanish will for your Spanish assets
Your assets in Spain are determined under Spanish law so require a Spanish will. Without one, your successors will have to deal with an unknown legal system in a foreign language as assets are distributed according to Spanish law, rather than your wishes. Save your family time, money and stress by drawing up a Spanish will.
- Keep your will up to date
Once you have a Spanish will, you should also periodically make sure it is up to date with any changes in Spanish law. (For example, there have been recent changes to how inheritance tax works, and some wills may not align with these changes) . Simply check back in with the lawyer that drew up your will to inquire about any updates that may be needed, or contact us and we will help draw up a new will.
- Be aware of Spanish obligatory heirs
Spanish inheritance includes a system of obligatory heirs. This means that children from a previous marriage can often make claims against a will, which can cause many problems. However, this can be avoided when drafting the will with the appropriate wording. Bring this up with your lawyer in the drafting process to make sure you are covered.
- Name a life insurance beneficiary
A final thing to consider is that there should be a named beneficiary on any life insurance policy.
View our infographic presentation here.