If you own property here on the island or have any assets here such as car or funds in bank account then you should always make a Spanish will. If you are foreign and have made a will in your own country of residence, whilst that will will be valid and legal in Spain, there are many loopholes that your beneficiaries will have to jump through in order to get that will validated in Spain. this includes applyng for a grant of probate, having the will officially translated into Spanish and having the will legalised before the Spanish Courts. This is not only timely but also a very expensive. If inheritance tax is not paid within a 6 month period then fines and interest will also need to be paid.
We can assist in all aspects of your will preparation, including drafting the will in your own language and translating that into Spanish, arranging an appointment with the Notaria and having the will officially registered in Spain. We can also act as your Albacea (similar to an executive, although with much less power) to ensure that all paperwork is promptly submitted and that your assets are transferred hassle free to your beneficiaries.
Administration of Spanish Estates
If you have been bequeathed Spanish property by a loved one and don’t know how and where to start the process we can help you. At Key Consultants Mallorca, we can act as your representative here on the Island, obtain a copy of the original will, obtain the necessary information for you, complete all necessary inheritance tax forms within the required time, prepare statements of account for all beneficiaries, close bank accounts and ensure that all loose ends are tied up and dealt with accordingly. We can even have the property transferred into the names of the beneficiaries and deal with the selling process if you so required.
If you would like further information about making a will or would like assistance in respect of estate administration, connect with us.