It is highly recommendable to make out a Spanish will in order to decide what will happen to the property you possess in this country in the event that you pass away. This means that you can have two wills: one in Spain for your Spanish property, and another in your country for property that you may own there or anywhere else in the world.
Due to the EU Succession Regulation 650/12 (in force from August 2015 in continental Europe, excluding the UK), should you pass away with no will, your last residency being in Spain, this could mean that your succession could be regulated by Spanish Law which imposes many limitations (such as being forced to leave two thirds of the inheritance to the children of the deceased).
The majority of our clients decide to leave everything to their husband or wife, and leaving it to their children in equal parts should both husband and wife pass away at the same time. You can decide exactly how you want your estate to be divided.
The way to avoid the limitations of Spanish law is to draw up a will where you dictate what will happen with only the property located in Spain, specifying that you would like the will to be regulated by national Law and not Spanish Law. Once this has been done, no other Law can override this, and you may modify your will (which will be drawn up in Spanish as well as in your own language) as many times as you wish, very inexpensively.
When the event of your passing away occurs, we will support and guide your family and friends in processing your inheritance in a straightforward manner without too much expense, and without requiring them to come to Spain if it is not possible for them.
And finally, given the fact that there are many ways in which to divide your estate that may have different fiscal consequences, our solicitors can advise you on how to go about it in the way most beneficial to you and your loved ones.