| --The |
| © 2010 www.expresslegalcafe.com English law Firm & Solicitors on the Costa Blanca for open and honest advice & legal help living in Spain and the Spanish legal system |
 |  |  |  |  |  |  |
| Reception Tel 966 874 548 Mobile 699 196 115 FAX 966 874 551 |
made a Spanish Will! But what is often overlooked is that if you have assets
in England such as shares or a house or a significant amount (over £3,000
to £5,000 depending on the individual bank´s policy) in an English bank
account, your nearest and dearest may not be able to get their hands on
such assets after you have gone unless you have made a valid English Will.
If you die intestate (without having made a Will) with assets in England, the
law sets out who, in the pecking order of relatives, starting with your
husband or wife and children, gets what. This may not reflect what you want
to happen. Your husband or wife is not entitled to all of your estate.
Unmarried partners are especially vulnerable.
An English Will can be made without the formality of a notary appointment,
unlike a Spanish Will. After taking your instructions, we can prepare the Will
making sure that Executors are appointed (these are the people who will
one day have to apply for probate and distribute your assets), that your
in England such as shares or a house or a significant amount (over £3,000
to £5,000 depending on the individual bank´s policy) in an English bank
account, your nearest and dearest may not be able to get their hands on
such assets after you have gone unless you have made a valid English Will.
If you die intestate (without having made a Will) with assets in England, the
law sets out who, in the pecking order of relatives, starting with your
husband or wife and children, gets what. This may not reflect what you want
to happen. Your husband or wife is not entitled to all of your estate.
Unmarried partners are especially vulnerable.
An English Will can be made without the formality of a notary appointment,
unlike a Spanish Will. After taking your instructions, we can prepare the Will
making sure that Executors are appointed (these are the people who will
one day have to apply for probate and distribute your assets), that your
assets are going to the people you want them to go to, and that any guardians
are appointed (if you have young children).
Your English Will must complement your Spanish Will and we will make sure that
one does not cancel out the other.
The rules about inheritance tax in the UK are far more generous than under the
Spanish system but that is no reason to be complacent. The value of your
Spanish assets will be taken into account by HM Revenue & Customs when the
time comes to fill in the inheritance tax forms. Under the current rules, HMRC
require inheritance tax forms to be submitted in relation to virtually all estates of
UK ex-pats even where no tax is payable. For instance, no tax will be payable if
the estate is under the current threshold of £325,000 or the whole estate is
going to your husband or wife. If tax is payable in Spain AND England, it is
possible to apply for relief under arrangements similar to the double taxation
treaty which exists between England and Spain for income tax. Where the estate
is of a sufficient size to warrant tax planning, we can point you in the right
direction in terms of setting up trusts etc.
As always with legal matters, it is important to get advice tailored to your
individual circumstances.
For any further advice please do not hesitate to contact our support team or our
SRA registered English Solicitor here on the Costa Blanca.
are appointed (if you have young children).
Your English Will must complement your Spanish Will and we will make sure that
one does not cancel out the other.
The rules about inheritance tax in the UK are far more generous than under the
Spanish system but that is no reason to be complacent. The value of your
Spanish assets will be taken into account by HM Revenue & Customs when the
time comes to fill in the inheritance tax forms. Under the current rules, HMRC
require inheritance tax forms to be submitted in relation to virtually all estates of
UK ex-pats even where no tax is payable. For instance, no tax will be payable if
the estate is under the current threshold of £325,000 or the whole estate is
going to your husband or wife. If tax is payable in Spain AND England, it is
possible to apply for relief under arrangements similar to the double taxation
treaty which exists between England and Spain for income tax. Where the estate
is of a sufficient size to warrant tax planning, we can point you in the right
direction in terms of setting up trusts etc.
As always with legal matters, it is important to get advice tailored to your
individual circumstances.
For any further advice please do not hesitate to contact our support team or our
SRA registered English Solicitor here on the Costa Blanca.
If you live in Spain and have assets
in England you must also ensure
that you have an English Will
in England you must also ensure
that you have an English Will
