There is a widespread misperception that your estate and possessions will go to your heirs regardless of your intentions. Actually, the rules of your country of regular residence may determine who of your successors gets what.
The First Step in Spanish Inheritance
To find out if a will was created in Spain, a search of the Spanish registry of final wills is required. The Spanish civil register will produce a "Certificate of Last Will," which attests to the date of the last Spanish will the deceased signed and contains details on the Notary who signed it. In the unlikely event that your name appears in the will, a notary public can provide you with a copy.
If there is only an English will and no Spanish will, it will be clear who is named as Executor and who is a beneficiary of the estate. If there is an Inheritance acceptance Spain in place, it will be clear from receiving the document who is named as the estate's beneficiary.
If the dead leaves both an English and a Spanish will, it may not be immediately clear which will controls the estate. Your independent Spanish lawyer should be able to help you with determining which documents are applicable and which laws pertain to the estate.
As soon as it is established who is authorised to sign documents, the process of administering the estate in Spain can begin. Your independent Spanish lawyer will begin receiving certificates in relation to the remaining sums held by Spanish banks and financial organizations. A valuation of any Spanish real estate that the deceased owned will also be obtained.
The executors of any Inheritance acceptance spain, as well as the beneficiaries of the estate, must execute powers of attorney concurrently in order for your independent Spanish lawyer to sign documents to manage the estate on your behalf.
Once the assets' value in Spain has been established, the inheritance tax must be calculated. After all powers of attorney have been completed and taxes have been calculated, the acceptance of inheritance can be signed. A list of all the estate's Spanish assets is included in a document together with a copy of the will and any other necessary supporting documentation. The signing of this document is thereafter witnessed by a notary public in Spain.
As soon as the documentation accepting the inheritance is signed, the inheritance tax becomes due. This can get more complicated if there are no assets in the UK from which to pay the inheritance tax in Spain. The tax agency's stamping of the documents following the payment of the inheritance tax is a requirement for the beneficiaries' registration as the new property owners and the money release from the Spanish banks.
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