DON’T LEAVE YOUR SPANISH ASSETS TO CHANCE: WHY A SPANISH WILL IS A MUST FOR FOREIGNERS.

If you are a foreign national with a property, a bank account, or other valuable assets here in Spain, this article could be relevant to you! Have you thought about what happens to those assets if something unexpected occurs?

It is a common misconception that a Will drafted in your home country will smoothly handle all your worldwide belongings, including those in Spain. While technically true, relying solely on a foreign Will for your Spanish assets can lead to a bureaucratic nightmare for your loved ones at an already difficult time.

The hidden costs of not having a Spanish Will

Imagine your family trying to navigate a foreign legal system, dealing with endless paperwork, sworn translations, and expensive legalisations – all while grieving your loss. That is often the reality when a foreign Will is used to settle a Spanish estate.

Here is why a separate Spanish Will for your Spanish assets is a crucial advantage:

• Your heirs can directly inherit your Spanish assets without waiting for a lengthy Grant of Probate or similar process from your home country. This saves them precious time and significant legal fees.
• Avoid the hassle and cost of translating and notarising numerous documents from your home country for the Spanish authorities.
• You ensure that your Spanish assets are distributed exactly as you wish, with minimal stress for your beneficiaries.

It is a win-win: smoother process for your family, less expense, and quicker access to their inheritance.

The European Succession Regulation: a game-changer for expats

If you are an expat living in Spain, there is another crucial reason to consider a Spanish Will: The European Succession Regulation (EU) No 650/2012, which came into effect on August 17th, 2015.

Before this regulation, the general rule was that your estate would be governed by the inheritance laws of your nationality. So, if you were a British national living in Spain, your estate would typically be subject to UK inheritance law.

However, the new regulation significantly changed this. Now, unless you specifically state otherwise in your Will, the law of your last habitual residence will apply to your estate. For many expats in Spain, this means Spanish inheritance law could apply by default!

This is precisely why signing a Spanish Will is so important. It allows you to make an explicit declaration that you wish the inheritance law of your country of nationality to apply to your entire estate upon your death.

How we can help you draft your Spanish Will

Our firm specializes in helping foreign nationals like you secure their assets in Spain. Drafting a Spanish Will is a straightforward process when guided by experienced professionals.

Don’t leave your Spanish legacy to chance. A small investment now can save your loved ones significant time, money, and stress later!

Ready to get started or have questions? Contact www.andalucia-lawyers.com today!