Wills and Inheritance
In accordance with article 667 of the Civil Code, the will is an act by which a person disposes, for after death, of all his assets or part of them
All residents in Spain, and even all those people who, without being residents, own property in Spain, it is advisable to sign a will before a Spanish notary and decide the fate of all their assets after their death, determining the person or persons who must acquire the ownership of your assets, rights and obligations when he / she dies.
At the time of signing a will, having advice from lawyers and fiscal advisors is very important because good legal planning is essential if what is intended is to avoid problems and cumbersome procedures to the heirs, as well as a good tax planning that allows getting the Higher tax savings.
If you are thinking of signing a will, our fiscal advisors and attorneys will help you carry out such planning and assist you in signing a notary of a will.
INHERITANCE: When a person dies, the heirs must decide whether to accept or reject the inheritance (which in the latter case is known as repudiation). Acceptance may be express or implied. An express acceptance, which is the most typical form, is made “expressly” before a notary.
Although there is no term to accept or reject the inheritance, it is important to know that there is a time limit to pay the inheritance taxes and this period is six months from death. In addition, whoever has to pay or not for said tax does not exempt from the obligation to settle it; and it must be taken into account that the Civil Registries are obliged to report the deaths to the liquidating bodies of said tax. If your family member has passed away, do not hesitate to contact our lawyers and tax advisors to help you manage the inheritance and tax settlement within the deadlines indicated in the law.