Interesting Facts About Wills and Assets in Spain
Although we are all aware of the fundamentals of what a will comprises, there are a few interesting facts and ‘dos and don’ts’ that are worth mentioning to ensure your Spanish estate planning goes as smoothly as it can. Read on to find out more.
For guidance on legal document review, visit Notaries in Spain.
What is The Biggest Mistake With Wills?
The biggest mistake regarding wills is simply not making one or not updating your current one. You must have a valid will that can be easily located for your estate to be distributed as per your wishes, without delays or complications.
Around 40% of Spanish people choose not to create a will, which is possibly the most surprising statistic. There could be several reasons for this, such as not having an estate, having bad connections, not having a family, or simply having a strong belief.
To begin writing your will, check out our dedicated page on Spanish Will Writing with Spanish Probate.
Will Facts
Savings – It is estimated that up to 60% of people in Spain have substantial savings, and these must be factored into a will.
Property – Approximately 75% of Spanish people have at least one property that will be left as part of their estate/
Forced Heirship- The main idea of Spanish inheritance law is forced heirship, which severely limits a person’s ability to leave a will that directs how their assets are distributed. According to the law, the estate is split into three parts. One-third of the entire estate, or the strict legitimate portion, must be divided equally among the compelled heirs, mostly the children or descendants. The “betterment” share, which is the second third, must likewise go to the heirs, albeit the testator may distribute it unevenly to benefit one or more of them. The testator may leave only the last third, or free disposal share to friends, relatives, or a charitable organisation. If the legítima is not honoured, this mechanism guarantees the legal protection of direct descendants, superseding the testator’s desires.
For more details on taxes and legal implications, visit Spanish Succession Rules. To understand the legal framework of inheritance in Spain, see Spanish Government on Inheritance Laws.
Charity – in 2023, more than 54 million euros were left to charities in Spanish wills.
Pets – Your will can contain provisions for your cold-blooded or furry loved ones. You can designate a recipient to whom you would like to give your pets, but you cannot leave them in your estate.
For help with Spanish probate issues, contact Spanish Probate Matters on 0208 150 2010.
