Non resident beneficiaries of a will
-
- Andalucia Guru
- Posts: 16079
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
Non resident beneficiaries of a will
A resident friend recently died and the assets, including a house, were left to her 3 UK resident children.
Has anyone had any recent experience of the current procedure for handling the process involved? Specifically, does each beneficiary have to have an NIE number or is a passport acceptable. Do they all have to visit the notary to sign the inheritance escritura?
Two of the children are step children so some IHT will be payable.
Anything else of importance?
Sid
Has anyone had any recent experience of the current procedure for handling the process involved? Specifically, does each beneficiary have to have an NIE number or is a passport acceptable. Do they all have to visit the notary to sign the inheritance escritura?
Two of the children are step children so some IHT will be payable.
Anything else of importance?
Sid
- Enrique
- Andalucia Guru
- Posts: 9490
- Joined: Tue Mar 24, 2009 9:47 am
- Location: Mytchett/Alcala La Real
Re: Non resident beneficiaries of a will
Hi El Cid,
Chrissiehope may have some info on your enquiry ...........
Chrissiehope may have some info on your enquiry ...........
All my best learning experiences start with a problem I need to solve.
-
- Andalucia Guru
- Posts: 11081
- Joined: Tue Jun 15, 2004 11:11 pm
- Location: Guadalhorce Valley
Re: Non resident beneficiaries of a will
Yes, they all have to have NIE numbers but the signing at the notary can be done by a third party with a power of attorney from each of them.
- chrissiehope
- Andalucia Guru
- Posts: 3669
- Joined: Sun May 07, 2006 7:52 pm
- Location: Cheshire & near Antequera
Re: Non resident beneficiaries of a will
In our case, only half the property was involved (we owned it jointly), so the 2 daughters (from previous marriage) inherited hubby's half. They still had to pay IHT, tho' I think it was a lower rate - I seem to remember around €6000 ish for the two of them. It took a while, and in our case we had to have a new escritura reflecting the new joint ownership ( 50% me & 25% each to the daughters). This dragged on a bit, as the Registry had a problem getting their heads around my 2 names (previously married, divorced, re-married) which was finally resolved by my sending the original certificates.
I wasn't really involved in the IHT part of it, so don't really know how that bit worked.
Hope this helps anyway
I wasn't really involved in the IHT part of it, so don't really know how that bit worked.
Hope this helps anyway
Alexandr for President (Squire for PM !)
Outside of a dog, a book is a man's best friend.
Inside of a dog it's too dark to read (Groucho Marx)
Outside of a dog, a book is a man's best friend.
Inside of a dog it's too dark to read (Groucho Marx)
-
- Andalucia.com Amigo
- Posts: 88
- Joined: Tue Oct 07, 2014 1:04 pm
Re: Non resident beneficiaries of a will
Hi
Just discovered this thread
Consanguinistically at least my situation seems straightforward. My wife and I (both UK residents) have a property in Spain. We have two children who are also UK residents. Question - thinking ahead to the time that the Spanish property is passed on to our children, is it necessary/advisable to make a Spanish will to expedite the inheritance process ?
Any advice/thoughts would be appreciated
Aprovecho la ocasion para enviaros un saludo cordial
Neville Willmott
Just discovered this thread
Consanguinistically at least my situation seems straightforward. My wife and I (both UK residents) have a property in Spain. We have two children who are also UK residents. Question - thinking ahead to the time that the Spanish property is passed on to our children, is it necessary/advisable to make a Spanish will to expedite the inheritance process ?
Any advice/thoughts would be appreciated
Aprovecho la ocasion para enviaros un saludo cordial
Neville Willmott
-
- Andalucia Guru
- Posts: 11081
- Joined: Tue Jun 15, 2004 11:11 pm
- Location: Guadalhorce Valley
Re: Non resident beneficiaries of a will
Yes. It will be much cheaper and easier than relying on your UK will. It should refer to Spanish assets only.
If it as simple as you say you should be able to arrange this directly with a notary although you may need a translator if the notary does not speak English.
If it as simple as you say you should be able to arrange this directly with a notary although you may need a translator if the notary does not speak English.
Re: Non resident beneficiaries of a will
Hola
I recently found out that you can pass on your house to your children free of taxes if you are all still living. This is the first time I have heard of this and have no proof but was at the notary when it was done
I recently found out that you can pass on your house to your children free of taxes if you are all still living. This is the first time I have heard of this and have no proof but was at the notary when it was done
-
- Andalucia Guru
- Posts: 16079
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
Re: Non resident beneficiaries of a will
I’m not sure it’s that easy. Beachcomber will know.
Sid
Sid
Re: Non resident beneficiaries of a will
Gift tax?
-
- Andalucia Guru
- Posts: 11081
- Joined: Tue Jun 15, 2004 11:11 pm
- Location: Guadalhorce Valley
Re: Non resident beneficiaries of a will
As always there is conflicting information on this subject from various third party sites but it appears that there is now a 99% discount after applying the formula for calculating the tax due. This only applies to those in groups 1 and 2.
-
- Andalucia.com Amigo
- Posts: 88
- Joined: Tue Oct 07, 2014 1:04 pm
Re: Non resident beneficiaries of a will
What are groups 1 and 2? Income tax bands? Highest lowest?
-
- Andalucia Guru
- Posts: 16079
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
Re: Non resident beneficiaries of a will
No, they are the relationship between the deceased and the beneficiary.
Group I: children (including adopted) under 21 years
Group II: children (including adopted) older than 21, grandchildren, spouses and parents/grandparents (including adoptive)
Group III: siblings, aunts and uncles, nieces and nephews, in-laws and their ascendants/descendants , step children
Group IV: cousins, all other relatives, unmarried partners (unless the region allows it)
Sid
Group I: children (including adopted) under 21 years
Group II: children (including adopted) older than 21, grandchildren, spouses and parents/grandparents (including adoptive)
Group III: siblings, aunts and uncles, nieces and nephews, in-laws and their ascendants/descendants , step children
Group IV: cousins, all other relatives, unmarried partners (unless the region allows it)
Sid
Re: Non resident beneficiaries of a will
I remember posting on here about Spanish inheritance law being a minefield. Seems ok from Husband to wife etc. . As the law has changed I think. Myself and 5 other relatives inherited from an Aunt. We were 6 Cousins and nephews/nieces. The worse thing was unlike the UK where taxes and debts come out of the estate inheritors have to pay upfront within 6 months. None of us wanted to pay out thousands of pounds when houses were lingering years on the market.
Bottom line was we did a deal with Spanish Lawyer. The villa was valued at £500,000+ we received a grand sum of around 22,000 each. The real winners was the Lawyer and the taxes.
Beacause of the system one in ten Spaniards renounce their inheritance.
https://www.abc.es/economia/abci-mas-ci ... e.co.uk%2F
Bottom line was we did a deal with Spanish Lawyer. The villa was valued at £500,000+ we received a grand sum of around 22,000 each. The real winners was the Lawyer and the taxes.
Beacause of the system one in ten Spaniards renounce their inheritance.
https://www.abc.es/economia/abci-mas-ci ... e.co.uk%2F
-
- Resident
- Posts: 1968
- Joined: Wed Mar 12, 2014 11:48 pm
Re: Non resident beneficiaries of a will
Good thread this, thanks, it has answered some of my yet unasked questions.
I have said for years that I will never become a Spanish resident, due to personal circumstances I have now revised my thoughts and decided to apply for citizenship, some of the comments here have been very helpful
I have said for years that I will never become a Spanish resident, due to personal circumstances I have now revised my thoughts and decided to apply for citizenship, some of the comments here have been very helpful
Re: Non resident beneficiaries of a will
Residency manchester?
-
- Andalucia Guru
- Posts: 16079
- Joined: Sun Oct 24, 2004 10:42 pm
- Location: La Herradura, Costa Tropical, Granada
Re: Non resident beneficiaries of a will
You will have to have been resident for 10 years to get citizenship. As Elusive said, do you mean residency?
Sid
Sid
-
- Resident
- Posts: 1968
- Joined: Wed Mar 12, 2014 11:48 pm
Re: Non resident beneficiaries of a will
Yes, I have vocally here opposed it in the past but my wife decided she needed her freedom so now she can have it, my lad's grown up and taken care of so my plan is to move permanently to Gran Canaria, put my savings there and live as a legal resident, I am currently in the process of applying for residencia !elusive wrote:Residency manchester?
-
- Andalucia.com Amigo
- Posts: 88
- Joined: Tue Oct 07, 2014 1:04 pm
Re: Non resident beneficiaries of a will
katy wrote:I remember posting on here about Spanish inheritance law being a minefield. Seems ok from Husband to wife etc. . As the law has changed I think. Myself and 5 other relatives inherited from an Aunt. We were 6 Cousins and nephews/nieces. The worse thing was unlike the UK where taxes and debts come out of the estate inheritors have to pay upfront within 6 months. None of us wanted to pay out thousands of pounds when houses were lingering years on the market.
Bottom line was we did a deal with Spanish Lawyer. The villa was valued at £500,000+ we received a grand sum of around 22,000 each. The real winners was the Lawyer and the taxes.
Beacause of the system one in ten Spaniards renounce their inheritance.
https://www.abc.es/economia/abci-mas-ci ... e.co.uk%2F
Hi
This is an alarming post. I hope to avoid this type of problem with a Spanish will. Did your aunt have a Spanish will?
While there are no major debts or taxes attached to my Spanish property, it occurs to me that while the property is waiting to be sold, there will be continuing charges eg electricity, water and management charges to be paid. I imagine these charges would have to be paid as they become due as opposed to being settled from the proceeds of the property sale, which would be preferable. Would a Spanish will help here?
Saludos cordiales
-
- Resident
- Posts: 1968
- Joined: Wed Mar 12, 2014 11:48 pm
Re: Non resident beneficiaries of a will
Sorry, I meant residency !El Cid wrote:You will have to have been resident for 10 years to get citizenship. As Elusive said, do you mean residency?
Sid
-
- Resident
- Posts: 1778
- Joined: Mon Feb 07, 2005 8:10 pm
- Location: Northampton Frigiliana/Nerja
Re: Non resident beneficiaries of a will
No, you can't avoid it it. If you leave the propeerty to two people and the IHT bill is €200,000 they have to find €200,000 within 6 months, before they can own and sell the property. Luckily we are not resident so have assets in the UK which can be liquidated and used to pay the bill. Otherwise our nieces would no doubt renounce the inheritance.nevillewillmott wrote:katy wrote:I remember posting on here about Spanish inheritance law being a minefield. Seems ok from Husband to wife etc. . As the law has changed I think. Myself and 5 other relatives inherited from an Aunt. We were 6 Cousins and nephews/nieces. The worse thing was unlike the UK where taxes and debts come out of the estate inheritors have to pay upfront within 6 months. None of us wanted to pay out thousands of pounds when houses were lingering years on the market.
Bottom line was we did a deal with Spanish Lawyer. The villa was valued at £500,000+ we received a grand sum of around 22,000 each. The real winners was the Lawyer and the taxes.
Beacause of the system one in ten Spaniards renounce their inheritance.
https://www.abc.es/economia/abci-mas-ci ... e.co.uk%2F
Hi
This is an alarming post. I hope to avoid this type of problem with a Spanish will. Did your aunt have a Spanish will?
While there are no major debts or taxes attached to my Spanish property, it occurs to me that while the property is waiting to be sold, there will be continuing charges eg electricity, water and management charges to be paid. I imagine these charges would have to be paid as they become due as opposed to being settled from the proceeds of the property sale, which would be preferable. Would a Spanish will help here?
Saludos cordiales
Who is online
Users browsing this forum: No registered users and 57 guests