Wills in Spain
The heirs usually think that only the lawyer of the deceased party can undertake the probate process, which means they end up having to pay some very high fees, although they could in fact do it for a much more reasonable price.
The heirs usually think that if the deceased party made a will in their own country it must also apply to their assets in Spain, without knowing whether or not the deceased party made a will in Spain.
At MSB we help you to understand the inheritance tax implications of your decisions before you take them, thus helping you to avoid any potential difficulties.
Most people think that inheritance tax planning is not very complicated, and that they do not need to seek advice before making a will. They therefore make wills without being aware of the legal and fiscal implications. However, this is not the case as if, for example, you make a will leaving your spouse the usufruct of a property and the legal but not beneficial ownership of the property to your descendants this means that they will enjoy greater tax savings than if you leave the legal but not beneficial ownership of the property to your spouse, even though he or she then leaves it to your descendants.
At MSB we will provide you with the information and knowledge you need about the different possible options so that you can decide which is most beneficial to your interests, considering your family circumstances and the Tax liability derived from the Inheritance.
The heirs would be required to provide several foreign documents translated and with the Apostille of La Hague (obtained from the Foreign Office, or legalized by the Consulate or Embassy).