When buying a property in Spain, many of our clients ask if they should make a will at the same time. It is not obligatory by law to make a will when you buy a property or have Spanish assets, but it is recommendable.
You may already have a will in your native country and this can be updated to include your Spanish assets. However, it is important to ensure that you are aware of Spanish inheritance tax law, as you may have to update your will accordingly to ensure that your chosen beneficiaries receive your inheritance.
In Spain, there is a forced heirship law (Law of Obligatory Heirs), which states that two-thirds of your assets are automatically passed to your children (in preference to your spouse). If you are resident in Spain this regulation will apply. If you wish another beneficiary to receive the inheritance i.e. your spouse or another relative, then you must make a Spanish will which clearly states that you wish to overrule this regulation and apply your UK rights and name other beneficiaries.
If you die without leaving a will the law where you have resided for the past five years will be applied. And if you are a Spanish resident but have only made a will in your native country, it must be legalised in Spain before the contents can be executed. This can be an expensive process, and therefore makes more sense to set up a Spanish will.
If you keep your original will then your beneficiaries must go through the following steps to be able to execute the will and release the assets here in Spain:
Applied for a certified copy of the Grant of Probate which must include La Hague Apostille stamp, which can be obtained from the Foreign Office.
You must have a sworn translation of the Grant of Probate.
You must give a Spanish lawyer power of attorney to prepare a list of your assets in Spain, execute the will and pay the inheritance taxes.
The execution of the will then takes place at a Spanish notary