Inheritance planning

If you own property in Spain, it is highly advisable to draw up a will in the country, which will be limited solely and exclusively to assets and rights in Spain. It is also important to bear in mind that a will is a personal and voluntary act which cannot be carried out by proxy or power of attorney.

It is important to note that the last will and testament will revoke any other will previously granted in Spain, i.e. it will annul any other will granted in Spain and will be registered in a central registry. Similarly, the testator may modify or cancel the will at any time.

Basic information of a will

The will is an essential document that allows a person to express their last wishes regarding the distribution of their assets after death. It is therefore essential that it contain certain minimum statements, such as the following:

  • Marital status, if testator are married for the first time, second or more times. In the hypothetical case that testator had been married before, would need to provide the full name of the previous spouse. Also confirmation if children are from the current marriage or from a previous one.
  • List of heirs (Full name of each of them) and relationship with them.
  • Applicable law, By virtue of European regulation, the testator can choose the law applicable to the entirety of the succession, they can choose whether it is that of their residence or nationality.
  • Confirmation of your parents' names, and whether your parents are living or deceased.
  • Confirmation of the date and place when testator would like to sign the will in order to have everything ready.
  • If testator have children, will need to provide a copy of their passports.

In summary: making a will is a crucial step in estate and succession planning that ensures that assets will be distributed according to the person's wishes after their death. We always recommend seeking the necessary professional advice to draw up this important document. Remember, it is essential to make a will to ensure peace and harmony for our loved ones after we are gone.

If you wish grant a will, it is advisable to consult a lawyer specialising in inheritance law to obtain legal advice on wills and inheritance to ensure that you meet the legal requirements. It is always advisable to seek legal advice about drafting a will, especially if it is a holographic will.

info@mercuryabogados.com

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Inheritance and succession keys to take into account