Do you have a Spanish will? It is recommended that after acquiring assets in Spain (i.e. House, Apartment, and Land) foreigners should make a Spanish will. A new law now states all beneficiaries named in a will must obtain their own NIE Numbers in order to inherit.
Reasons for Making a Will:
* Peace of Mind
It is important for your loved ones that you leave everything in order for when the time arrives.
Ensure all that you have worked hard for over the years goes directly to those you care about and not to the Spanish Tax Office. Preparation ensures you keep Inheritance tax to an absolute minimum.
* Recruit help
Locate a local recommended Lawyer who is well informed and up to date on inheritance laws. Seek NIE Numbers for your loved ones at a convenient time for all i.e.: when visiting you on holiday, instead of this being a chore to be carried out later at what will be a stressful enough time for them.
* Be informed
Preparing a will in advance enables you to be informed about the procedures inSpain. Your loved ones can also then be advised of what to expect when the time arrives. E.g., Inheritance Taxes are to be paid up front prior to any names being changed on a title deed. Property and possessions can not be sold or bequeathed until the taxes are paid. Should your inheritors not be prepared or they are to be unsure of the procedures they may not be able to provide to the relevant authorities the correct information and documentation required. This may cause delays and consequently penalties charges may be incurred.
Your assigned lawyer will draw up the will in both English and Spanish. They should ensure you have all the latest Spanish Inheritance Information, translated and witnessed by your local Notary. Following this, registration of the document is made at the Central Wills’ Registry who is based inMadrid.
Usually Lawyers, if you already have a will in your own country of residence, can automatically calculate in advance how much tax your loved ones will have to pay and can also make suggestions of how you may be able to reduce the taxes your inheritors will pay.
In the absence of a will? Should a will not be made, your beneficiaries’ will need judicial or notarised documents that declare they are legitimate heirs. In addition to this they will need to provide clear evidence in order to justify that their claim to inherit your estate is valid. If an agreement by the parties involved cannot be made then it is likely the case will go to court where the decision regarding your hard earned possessions is made by the judge.
Contact us NOW to find out how to obtain fast NIE Numbers for your loved ones and give yourself peace of mind.