Make a Spanish will
Q: I have been told that my British or Irish will can validly administer my assets in Tenerife. So why should I make a Spanish will?
A: Whilst a foreign will can technically administer your Spanish property, the cost and administrative hassle of doing so is generally prohibitive.
The first step would be to obtain probate in your home country. This would obviously take some time. Once the Probate Certificate has eventually been obtained, it would then have to be officially translated, notarised, apostiled and brought over to Tenerife, when the beneficiaries could then finally begin the process of applying for Spanish probate. The typical cost of converting the document would be in excess of 500 Euros.
It is worth noting that whilst one is obtaining foreign probate and then translating / notarising the documents, it would be impossible to deal with the Spanish property. The beneficiaries would be unable to rent, re-mortgage or sell the pro-perty. It is also unlikely that they would be able to take out or renew the insurance on the property. They may even experience difficulties in paying ongoing taxes and utility bills.
However, if there is a valid Spanish Will, the applications for probate in both Tenerife and the home country can begin simultaneously, thereby speeding up the administrative process in Tenerife by several months or more.
It is also worth noting that probate must be applied for in Spain within 6 months of the death, after which inheritance tax penalties and interest will start to run. Any delay caused by the wait for foreign probate does not create an excuse or exemption to this. This is yet another reason why a Spanish will should be made.
When making a Spanish will, it is also worth noting that Spain will apply the national law of the deceased to his or her testamentary affairs. Hence, an Englishman who has lived in Spain for many years will still be entitled to leave his property under his Spanish will in accordance with English law. It is therefore important that the solicitor preparing the Spanish will has an understanding of the applicable national law and can ensure that the Spanish will does not clash with or otherwise affect an existing will made in the home country.
Tenerife Solicitors offer Spanish wills at a fixed price of 190 Euros per will (inclusive of all taxes and Notary’s fees). A discount of 10 Euros per will is also available where two wills are completed at the same appointment.
Why leave your assets and estate to chance? Contact Tenerife Solicitors now on (0034) 922 717845 (or 0871 218 0063 from the U.K.), or you can complete our Will Questionnaire and Application Form at http://www.tenerifesolicitors.com/spanish-will-form-english.php