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WILLS and INHERITANCE for Residents in the VALENCIA REGION | Pellicer & Heredia
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Oct 29, 2024
Spanish Laws regarding WILLS and INHERITANCE may be very different to those of your country of origin if you're now a Spanish resident...even region to region. Ignacio and Pedro from @Pellicerheredia spoke to Kal about the importance of making a will and how applying your own country's law could give you significantly more freedom to distribute your estate as you wish, and also minimize any INHERITANCE TAX. Be sure to Like 👍 this and Subscribe to our channel if you found it useful. You can see more at www.alicantelawyers.es, where you can also watch back some of their previous webinars covering a whole range of topics. Website: http://www.bayradio.fm/ Mobile App: https://app.appinstitute.com/yddcc Facebook: https://www.facebook.com/BayRadioInSpain Twitter: https://twitter.com/bayradioinspain Instagram: https://www.instagram.com/bayradiospain/
View Video Transcript
0:00
it's Bay radio International on a
0:02
Wednesday coming up to quter past 4
0:03
Mainland Spain and alakan lawyers. P
0:07
there and Heria in the studio this
0:09
afternoon it's igno and Pedro welcome
0:11
back gentlemen how are you well good to
0:13
see you we're going to talk about uh
0:16
Spanish inheritance tax today I know
0:18
coming up later on on the webinar uh
0:20
that it'll be talking about by toet on
0:24
the webinar today what time is that half
0:26
5 is that right yeah 5:30 uh Madrick
0:28
time and and uh it will be recorded for
0:31
those who cannot attend so always
0:34
available on the website the website
0:35
live TV yes okay alakan lo. es but
0:39
turning to Spanish inheritance tax then
0:41
what exactly is
0:43
it right inheritance tax unfortunately
0:46
is a tax that uh the beneficiaries or
0:49
the executor needs to pay um within six
0:53
months after a person has pass away this
0:58
means that you need to do the dec ation
1:00
and depending on what community you are
1:03
register you will have to submit
1:06
obviously whether you are a tax raising
1:08
or non- tax resident you'll have to
1:10
submit that inheritance tax sometimes is
1:13
zero sometimes is a little bit of money
1:15
depending on your wealth uh and so it's
1:18
on property money and all kinds of
1:20
assets on other yeah and it will depend
1:23
on the community you are in spine and uh
1:27
the value of the assets now we've been
1:29
very lucky because here in commun
1:32
valenciana they just removed recently
1:35
28th of May of last year yeah and you
1:39
only have one allowance of €100,000 EUR
1:41
while between husband wife and children
1:44
per beneficiary and then you get a
1:45
reduction on
1:47
99% of the rest of any money that you
1:50
inherit so it could be probably very
1:52
little it could be very little sometimes
1:54
clients I made Sometimes When We Make a
1:56
simulation when they the studio was
1:58
going to be like um some percentage like
2:00
10 20 30% and then the India realiz
2:04
IS300 or 200 that low yeah I mean it's
2:08
yeah between spes and children I mean
2:10
with the first line of the family I see
2:13
okay and when it's different lines
2:14
obviously the the the the taxes is
2:17
different but with spes and children um
2:20
that that
2:21
linean that line is drop tax has drop
2:25
down a lot so the the outcome could be
2:28
quite good but it's it's still quite a
2:29
complex situation isn't it inheritance
2:31
tax uh what about expatriates and
2:34
non-residents for instance well that's
2:36
obviously complex where where are the
2:38
residents if they live in Spain or not
2:40
they live in Valen or not or different
2:41
region where are the beneficiaries and
2:44
where are the assets it's not the same
2:46
is a resident in comp valenciana and
2:48
is's receiving an asset or is a resident
2:51
in UK and is receiving an asset which is
2:53
in Spain or maybe an that which is in
2:56
UK and obviously the difference
2:58
sometimes is not tax sometimes it Stacks
3:01
so obviously what we do is to plan and
3:03
to make some simulations and um I will
3:05
talk about with clients about how to
3:08
organize really um this this um this
3:12
situation yeah yeah actually actually if
3:14
you're in group one at the moment is
3:16
very good right group one is husband
3:19
wife children immediate immediate family
3:23
or which are register partnership as
3:26
well that's good okay I mean good advice
3:30
if you're living with somebody long
3:31
enough you didn't get married and
3:34
probably you're thinking about if
3:35
something happens to you registering
3:37
yourself as a partner you will have
3:39
benefits on inher and he completely
3:42
exactly the same than has be legal
3:44
recognition correct correct uh that
3:47
brings uh we've got clients that they've
3:49
done it just because of that because
3:51
otherwise the inheritance tax is massive
3:53
because it goes from 7% up to
3:57
37% so for instance a couple living
3:59
together um if they weren't married and
4:02
hadn't um declared they were in a
4:05
partnership they could the beneficiary
4:07
could be paying up to 37% correct but
4:10
you can legally have your status listed
4:12
as partnership um without getting
4:14
married for instance but and and
4:16
therefore pay something like 7% yeah
4:18
that's right the bottom the bottom line
4:20
is probably you'll be paying 30 up to
4:23
37% because you're just a friend you're
4:25
just a third party once you register
4:28
then probably drops as zero or or very
4:31
minimum very minimum yeah and that's
4:33
good advice yeah and also we we check
4:35
about not just inheritance tax also
4:38
about the future sell in case that you
4:40
inherit for example a property if you
4:42
inherit a property is valued in let's
4:44
say an example 200,000 EUR and one of
4:47
exposers or children they are receiving
4:48
and they pay very little tax and um
4:52
sometimes there are some advisor say
4:53
well let's let's uh declare a minimum
4:55
about about the value of their property
4:57
in order to pay less but when whenever
4:59
you sell if you acquire the property in
5:02
a value of 200 but maybe the market
5:04
value is 300 then you have a gain and if
5:07
you have a gain it goes from 19% to
5:10
28% tax so as a capital gain is better
5:13
in these situations in many of these
5:15
situation is better to declare perfectly
5:18
the market that you understand is going
5:19
to be sold the property so capital gains
5:20
would be zero and one other thing that
5:24
we need to say is about the gift when
5:26
sometimes par and I will give my assets
5:30
to children and and it's the same rules
5:32
about the same line same group it's
5:34
almost zero but if you have a property
5:39
that you bought in €200,000 and then you
5:41
want to give it to as a gift to your
5:44
children maybe now the the value of the
5:46
property is €400,000
5:48
um take care about what you're going to
5:50
do because the value of that property is
5:52
in this case double you do not pay or
5:55
maybe very very little gift tax but you
6:00
as a someone who has given to your
6:03
children a value of an asset which has a
6:05
higher value it is like you you had an
6:08
income and then you have to pay income
6:09
tax income tax so be careful of that
6:12
people says I'm going to make a gift is
6:13
very little well yeah advice take advice
6:16
because as Pedro said that's a big
6:19
surprise income tax return you are
6:22
transferring something you're earning
6:24
nothing but to the tax man income tax
6:26
return is an income you're you're giving
6:29
away an income and tax office says I'm
6:30
sorry you you give somebody but not to
6:33
me so then he still wants his pound of
6:36
fles doesn't he yeah okay I see but but
6:39
this is what we talking about group one
6:41
uh now uh brothers sisters and nephews
6:46
there is not much allowance on it I mean
6:48
probably €9,000 allowance per
6:50
beneficiary and third parties uh big no
6:54
allowance if you give it in in the will
6:57
to an association registered charity
7:01
Association the tax is zero so
7:04
inheritance tax for them is zero we we
7:06
normally deal with a lot of uh clients
7:09
like cat Association for example that
7:11
happens quite a lot that get to cats or
7:13
dogs associations yeah mhm and we
7:15
normally as executiv deal with that and
7:18
then sell the property wind up the state
7:21
close the account and then whatever is
7:24
the net result then you transfer into
7:27
this Association but is net so they
7:29
don't need to pay so that's quite nice
7:31
in a way MH but uh so so you need to be
7:34
careful here two things uh what group
7:37
you are in and what Pedro said is very
7:39
important donations I mean this is uh
7:43
yeah because sometimes par say I'm going
7:44
to give it I'm
7:46
well I we need to see the picture we
7:48
need to see the needs of the family but
7:51
sometimes it's just just keep it
7:52
yourself uh sell it buy wherever you
7:54
dispose and then whenever you uh uh
7:57
leave then will be your children and
8:00
will be very small tax anyway so leave
8:02
it as it is and do not want to get a
8:06
better scenario because is not there is
8:09
a better scenario it's the tax man yeah
8:12
okay yeah rather diff because everybody
8:14
would have their own sort of perhaps
8:16
different situations as well um so that
8:18
brings with it its own complications
8:20
it's very hard to be General yeah that's
8:23
right when they need to disclose a
8:24
specific case uh everybody will have a
8:27
different scenario but probably you
8:29
could advise what is best for them or
8:32
what different options they have for
8:34
them to choose we're going to have a
8:36
webinar in two weeks time two weeks it
8:38
will be because we are amazed about I
8:40
mean obviously this is something that um
8:42
for is is day by day but clients they
8:44
are they are amazed about because they
8:46
as to ask how much STX would I have to
8:48
pay all my children and then we make a
8:50
simulation and they realize that it's
8:52
very very little so we we are going to
8:55
make you've got to get the planning in
8:56
and you've got to do the pre the due
8:58
diligence on what may or may noten not
9:01
just assume that oh no it'll be fine now
9:03
that Valencia said that the first line
9:07
of the family will will not have to pay
9:09
any tax we're talking about close
9:11
relatives children spouses and parents
9:14
who generally uh will be uh paying a
9:17
lower tax rate more distant relatives uh
9:19
will be paying higher rates um and Moody
9:23
who's filming with us today uh was
9:26
talking about stepchildren and I'm
9:28
guessing in a different category than
9:31
direct family that's exactly it but but
9:35
uh you need to bear in mind step
9:37
children will be the children blood
9:39
children of some of the couple so it
9:43
will be very efficient to draw up the
9:44
whe properly so you could do it
9:47
correctly probably not paying taxes so
9:51
if it's the husband's children uh then I
9:56
understand and if he agrees that the
9:58
will should say x amount to the wife x
10:01
amount to his children um because if he
10:04
wants to leave everything to the wife
10:06
and the wife pass away later on the
10:09
stepchildren will not get the allowance
10:11
so they're not the first line and under
10:13
that circumstance so I can see so you
10:15
can write this into a will perhaps yeah
10:18
that's correct uh I mean that's why it's
10:20
so important to drop the will with
10:22
somebody who knows about taxes as well
10:25
because it's not only about your wishes
10:27
Last Wishes what you want to do and who
10:29
you want to live it to is is more about
10:32
whether that efficent as well and you're
10:34
happy with that
10:35
scenario it's important those situations
10:37
where imagine that um there's a couple
10:40
married that has children with different
10:42
marriages before MH it happens that they
10:44
give everything between each other and
10:46
then substitutions the children all of
10:49
them together in equal shares for
10:51
example but uh we need to alarm and just
10:54
obviously to explain that when someone
10:56
pass away it's they can change a will
10:59
anyway I mean if uh if I live if I live
11:03
if I leave U my assets to my wife and I
11:06
pass away and I my assets goes to my
11:08
wife then my wife can change and make a
11:11
will another will and maybe my children
11:13
from a different marriage uh do not get
11:15
anything so is how's how do you get
11:17
around that yeah so we need to include
11:19
some closes in know two at least my
11:22
assets that I give to my wife at least
11:25
those when whatever remains until she
11:27
dies h will go also to my children the
11:31
ones I mean about this is an example but
11:33
we need to include those closes in order
11:35
to inform people that well this could be
11:38
an issue this could be an issue well the
11:40
best way around probably will be uh you
11:44
yeah there are different ways of doing
11:46
it I mean you're giving everything to
11:47
your wife and anything left to your
11:49
children so you do two wheels in one uh
11:52
so me I leave everything to her whatever
11:55
is left from my share it goes because I
11:57
do second will so any leftovers let's
12:00
put it this way goes to to children or
12:03
you could do I think as Pedro said going
12:06
direct so if you say I give it to my
12:08
wife and I give it to my children it's
12:10
like the r and whatever is left this is
12:13
an example it is just to to notice that
12:17
obviously in the wheels it's important
12:18
to connect wheels and obviously the tax
12:20
at the end whatever is going to Beed but
12:23
obviously the wheels are extremely
12:24
important but at the end is going to end
12:26
up who are the beneficiaries really but
12:28
yeah is it you you brought a good point
12:30
because unless there is a good Clause if
12:34
I leave everything to my wife when I'm
12:36
when I'm gone is hers so I mean
12:41
according to let's put it this way
12:42
British law or in general American law
12:46
which are free disposal of assets if I
12:49
give it to you that will never come back
12:51
so if it goes to you and then you Remar
12:53
and you could give it to somebody else
12:55
mhm you need to be aware how much
12:58
control you wanted upon that uh res but
13:03
there are ways to protect it so it's
13:05
nothing to panic on that but just you
13:06
need to be aware we've been talking
13:08
about just one region um generally about
13:12
the valencian community of course it's
13:14
different in different parts of Spain
13:16
isn't it that's right Madrid um andalia
13:20
and Comm valenciana where we are in
13:22
Valencia region uh have dropped down
13:24
almost to zero I mean have dropped down
13:26
99% their qualy to be paid so it's 1% of
13:30
the qu that should be paid and obviously
13:33
it's almost zero because cannot be
13:34
erased cannot be erased because of a law
13:37
but they have dropped down almost to
13:39
zero rest of the communities they have
13:41
different rules and obviously this for
13:42
example catalunia is a it it is as it
13:46
was Valencia region a year
13:49
ago M yeah Val yeah it's also has
13:54
similar but not the same exactly but
13:57
obviously this is um Reg and obviously
13:59
something to see but but you need to be
14:01
aware as well about some people get
14:03
confused uh the will of a national they
14:07
need to choose the applicable law so for
14:10
example Pedro and myself we have no
14:12
choice rather than comply with Spanish
14:16
Civil code okay so we cannot leave
14:18
everything to our wives exactly uh two3
14:22
goes to our children for sure however
14:25
one third could go to to whoever we want
14:27
or could be to our wife but two3 goes
14:30
those are the rules for spani EXA SP and
14:33
whoever is ready in Spain
14:35
unless make something Al do something in
14:38
a will will be also SP law so this is
14:40
why we highly recommend so if you're an
14:44
expert you can you can choose choose can
14:46
choose but you have to do this you have
14:47
to put it down in W you have to sign a
14:49
will otherwise if you pass away without
14:52
a will and you're resident will be
14:53
Spanish law it will be Spanish law and
14:55
probably that's not the yes scario you
14:56
want what about if somebody previously
14:58
had made a will in the UK for instance
15:02
proper yeah would that would that still
15:04
apply or no uh the I mean European um
15:08
act it was approved in 2012 and then it
15:11
was a valid in in terms of starting to
15:14
to be apply in
15:16
2015 Britain was still part of the
15:18
European Union but it's not now so does
15:20
that change things again it will be like
15:21
a probably like a like um how do you say
15:24
it's like a I forgot the word is um in
15:27
know to to check will it was extremely
15:30
it was said that it was going to be the
15:32
applicable law to be the English law
15:34
because the European Law act it says
15:37
that needs to be said expressly to say
15:39
that obviously if it's a UK will it's
15:42
it's not something that but it's not
15:44
said it will nobody said that because
15:46
it's resident in the UK is not resent in
15:48
Spain and now things in that situations
15:50
may be open to interpretation and many
15:53
of them will say if he been signed
15:55
before 2015 or 12 in this case and
15:59
nothing says about the European Law act
16:01
I think will be in many occasions will
16:03
be will be rejected CU you you putting
16:06
the scenario of uh not having Spanish
16:09
will having a UK will uh and be resent
16:12
in Spain and be resident in Spain
16:14
because if he's not resent in Spain he
16:16
not a problem because he's not resident
16:18
but if he's resident in Spain then T
16:21
Spanish laws apply unless it's chosen
16:24
expressely according to European law in
16:27
this case UK law this case and sometimes
16:29
you need to think you've got these cases
16:31
that they have three passports and then
16:33
you could you could do a little bit of
16:35
shopping here because you could say what
16:37
law protects you better yeah you know
16:39
we've have some people who are Espanish
16:41
Americans and uh Norwegian you know the
16:45
three um and we double checked with an a
16:47
the other day and they said yeah you as
16:49
long as you are National you could
16:51
choose the nationality which gives you a
16:53
lot of freedom that's the word uh
16:56
depending on your nationality it gives
16:58
you fre freedom of free disposal exactly
17:01
because UK law for example in this case
17:02
it gives you a liberty some of laws not
17:04
example Italian or Latin is different
17:07
like Spain or even Norway Norway has
17:10
some specific example but um but UK is
17:14
fantastic yeah the problem is the forest
17:16
erors the laws protect Forest erors so
17:21
so that what happened I know with
17:23
Iceland as well Norway probably as you
17:26
said uh s um yeah Sweden probably as
17:31
well so they really protect family so
17:34
you cannot give
17:36
away um to whoever you want if you have
17:40
family related you know so taking that
17:44
into consideration I think nationalities
17:47
are very
17:48
important to make a proper will as you
17:51
wish and so you have a lot of things to
17:54
think about you have the nationality to
17:57
choose what pable law cuz if you don't
17:59
choose you have an issue the tax the
18:03
regions mhm and uh well also where the
18:07
beneficiaries are I mean we said about
18:09
that what if you whether they're not in
18:10
Spain I mean they're in Spain but they
18:12
are in Spain then will be some tax to
18:13
pay but what if the money can be moved
18:16
to whatever they are maybe there's no
18:18
tax there well if you're going to
18:20
receive like 300,000 or an asset that is
18:22
in UK and the beneficiary is in the UK
18:24
will not be taxed in Spain will be taxed
18:26
in the UK um but uh but here I mean you
18:30
all those things needs to be checked and
18:31
and
18:32
seen because situations may be may be
18:35
able to be available for there might be
18:37
a better way of doing it perhaps
18:38
definitely um to avoid paying so much
18:41
yeah yeah I mean it's always preventing
18:43
these scenarios like doing simulations
18:45
on taxes do I always recommend people
18:48
looking looking ahead and seek advice
18:52
because you could save so much problems
18:54
and and
18:56
money not just the differences um we've
18:59
been talking about but it's you know
19:00
whether you're resident or non-resident
19:02
um there are big differences as well I
19:04
mean how regularly should somebody look
19:06
at their will to make sure that they'
19:08
they're still pretty much up to date
19:09
Pedro was mentioning some dates there uh
19:11
2015 for instance and perhaps if
19:14
somebody made their will before that
19:16
well if someone made the will before
19:18
that date I mean is a 17th August 2015
19:22
when it was start be valid and he said
19:24
this act is from 2012 but before that
19:27
those dates um I I would recommend to to
19:29
take it yeah AB absolutely yeah and and
19:32
and even if personal circumstances of
19:35
people change if you get divorce of you
19:37
should uh redo your will or at least
19:41
think through um if your relative passs
19:44
away whether there's the most efficient
19:47
way to do and a lot of clients say that
19:49
the circumstances have
19:51
changed and and I would say to have a
19:54
look through is not is not expensive to
19:57
go I was going to ask actually how much
19:59
would it be for to have your review your
20:01
wheel reviewed for instance we normally
20:03
charge uh for for the hour consultation
20:06
to do
20:07
simulations um with the tax and the
20:09
wheels but it it really depends on
20:12
people at the end of the day we normally
20:14
you will charge a minimum fee € 150 plus
20:17
v uh and he will have our accountant
20:20
Pedro myself and then run through
20:23
everything uh and then you take it from
20:25
there that's not a great deal to to pay
20:27
for a peace of mind sure that what you
20:29
want to happen on your sad demise is is
20:32
is what
20:34
happens and if I mean I remember I think
20:36
it's two or three weeks ago uh someone
20:38
came to revise the whe and I revised it
20:40
and it was before that date but it was
20:42
okay it was okay I revised it I
20:43
interpretated it I say well is expressly
20:46
says that and then there going to be any
20:48
any change so for us it's not I mean if
20:50
I see a little situation that can make
20:53
be a risk I don't mind because it to
20:56
make a whe or it's it's not it's not not
20:58
a big deal really on on money so it's
21:00
better to do it but if if I we see that
21:02
it's not needed it's not needed I
21:03
remember also P Tony a week ago our
21:07
client comes uh someone has said to me
21:09
to make a powerful Tony to do what what
21:12
if is he needed or not oh because some
21:14
um representing of financial
21:16
institutions have said that well there's
21:18
no need because I mean sometimes we need
21:20
to know what is the circumstances what
21:22
is the need of the people in order to to
21:26
understand there is no need so where
21:28
wait
21:29
as as people get older they they do kind
21:31
of worry that perhaps it might not be in
21:33
you know in the right way to be able to
21:36
make some of these difficult decisions
21:38
in those circumstances perhaps you know
21:40
where people worry about the future
21:42
nevertheless the patan is a good tool
21:44
between husband and wife wife to husband
21:46
but probably not for the specific
21:48
situation in general is needed we we
21:51
recommend it in general but uh this is
21:54
good you know this is honest advice if
21:56
there no need there is no need for you
21:58
to do anything mhm uh but when personal
22:01
circumstances change I think it's worth
22:04
having uh a word with your lawyer and uh
22:08
and then take it from there because on a
22:11
daily basis we save so much money to
22:14
people and and this is what really
22:16
that's what it's about isn't it you
22:17
don't want big Bills going to your
22:18
relatives when you go um and and that's
22:21
certainly what people want to avoid this
22:23
afternoon we've been looking at
22:24
inheritance tax and wills and preate
22:28
what EXA L is probate that's a good
22:30
question uh well the probate uh if we
22:34
talking about call in Spain the pro we
22:37
call um erenia
22:40
Oria right or or which means you
22:45
disclosing the the assets you being the
22:49
beneficiary and you accepted uh The
22:52
Inheritance this is what we call Probate
22:54
in Spain in the UK going to probate is
22:57
going through the cors to be name and
22:59
being granted officially the beneficiary
23:02
okay um well in general terms probate is
23:08
going through probate is accepting
23:10
pretty much I mean being named and
23:12
accepting the process uh in Spain if you
23:16
haven't made a
23:17
will they will ask you for the probate
23:19
in the UK If You're British or the
23:21
probate in the states or the pro in the
23:23
Home Country mhm so that means somebody
23:27
an admin rtion officially naming you as
23:31
beneficiary and then the Spanish
23:33
Administration will take it for granted
23:35
that this is
23:36
legal otherwise sometimes is very
23:40
difficult for the public noty to say
23:41
with no will here well we even have
23:44
cases no will here no no will in the UK
23:47
and then you need to do an Affidavit of
23:49
laws and the laws of of Interstate law
23:53
will tell you who's the beneficiary like
23:54
an a wheel and a know to make a whoever
23:58
obviously someone expert you know to
24:00
declare who are the beneficiaries really
24:02
to to decide who are the beneficiaries
24:04
really with the with the provate and if
24:07
there is no will in Spain we have a
24:09
another step which is the CL which is
24:11
really the probate and and said
24:15
acceptance of inheritance is with the
24:17
will everything together really is in
24:18
the same step so it's really I mean just
24:21
to to know who are the beneficiaries and
24:24
what is applicable law and if they
24:27
obviously you to a notary here what is
24:29
the applicable law in in in Texas what
24:32
is the applicable law in one of in
24:34
Australia and what applicable law in I
24:37
don't in specifically for example in in
24:40
in in Ireland or or if we say some
24:44
specific
24:45
area so that that's something that needs
24:47
to be also said and and checked as part
24:51
of the will you need to name your
24:52
Executives right that these sure this is
24:56
this is very very good and very effici
24:58
especially if you want to spread it out
25:00
a specific ways probably if you don't
25:02
have children then you tell your exor
25:05
what you want to happen know what you
25:07
want him to do uh once you pass away and
25:11
that's important you can name it in the
25:13
will I mean we could do International
25:15
Wills here in Spain and covers Spanish
25:17
assets and different International
25:20
assets um we are in general terms our
25:23
Wills we are executiv of the of the
25:27
clients and uh actually we are official
25:31
administrators in the courts name
25:34
official we make reports we make the
25:35
division of inheritance whenever is a
25:38
litigation on this so we are like U we
25:41
may experts
25:43
on on executiv when you have a a
25:48
litigation case and they want an
25:51
executive official name by either the
25:54
notary or a name either appointed by the
25:58
court
25:58
we are on the list okay it brings good
26:01
value to to and as we know that point
26:03
that view and the courts what we do is
26:06
to prevent our clients to go on that
26:07
view and go on courts I mean we prevent
26:10
absolutely everything we in terms of
26:12
wheels and beneficiaries whoever is
26:14
going to be reive but I think it's good
26:16
value to have an executive like a law
26:19
firm to do and you tell them exactly how
26:22
you want it happening I mean the
26:24
official information will be provided to
26:26
the will but you could a lot of
26:28
instructions what to do if I if this
26:30
happens so when he goes husband to wife
26:32
wife to husband okay fine uh but when he
26:36
goes to you want the Cancer Association
26:39
or you want charity any other charity
26:42
then the secretary is big big job
26:44
because he needs to deal with everybody
26:46
you're managing it on behalf of the
26:47
charity then and I think that's good
26:49
good thing uh to perform your wishes and
26:52
and and and do what you want and um yes
26:55
we have and identify all the assets and
26:58
we always say to clients let us know
27:00
what are the assets because sometimes
27:02
this we never we canot find them no
27:04
that's the problem I mean in the will
27:05
you will never said how many assets
27:08
you've got and where and what but is
27:11
important and I always say least the
27:12
beneficiaries
27:14
now should know where to contact or the
27:17
executive should have like a letter of
27:18
instruction when this happens this is
27:21
who you need to ring or you need to
27:22
contact this bank or that because
27:24
otherwise it's not public yeah we might
27:26
have a bank account that somebody
27:27
doesn't know about exact that happens a
27:28
lot lucky Banks yeah really because what
27:31
do they do with it it happens a lot is
27:33
money there sitting there forever and uh
27:36
if nobody claims they repossess that
27:38
money that's the truth because I never
27:40
heard them giving to somebody uh so it's
27:43
important to make sure that you've
27:44
listed everything you don't actually
27:46
have to list that in the will itself you
27:47
can do that with the executives yeah
27:49
correct I mean you don't need to put it
27:51
I mean you could if you wanted not but
27:54
is necessary because you could have
27:56
today x amount of money and tomorrow
27:58
yeah but it's important instructions or
28:00
your children it's important to get all
28:02
of this together and done earlier rather
28:04
than later and also check if you've uh
28:07
if your will is is a certain amount of
28:09
time uh well You' did it a long time ago
28:12
I always just to check I always say do
28:14
it at least once even though it's a
28:16
simple will at least you have one sorted
28:18
mhm uh you could always change any time
28:21
but sometime we're lazy to do oh we I'm
28:24
not ready to die yet none of us like to
28:25
think about it right I'm not ready not
28:28
ready to go but uh but I think you do
28:32
insurance and probably you don't do
28:33
wheels and uh and and this is your own
28:36
insurance because you tell the people
28:39
who you want to receive your inheritance
28:42
so
28:44
um you want the way you want things to
28:47
go when you pass um so you can find out
28:49
more about the Spanish inheritance tax
28:52
and calculations on inherence and tax
28:54
and the like at alakan lawyers. it'll
28:57
bring you up on the and heradio website
29:00
not just in English and Spanish but a
29:02
number of other languages as well uh for
29:05
our other friends around Europe and uh
29:08
you can always get in touch here at Bay
29:10
radio if you want to speak to either
29:13
Anew or Pedro or one of the team or go
29:15
VI the website p and hero.com at alakan
29:18
lawyers. uh for ease of that and we'll
29:21
chat again in a couple of weeks in fact
29:22
next week I'll be speaking to Antonio uh
29:25
with Romy from Villa Lux we'll be
29:26
talking about Dutch properties uh second
29:29
own second home ownership for Dutch
29:31
people but we'll be back again in a
29:33
couple of weeks
29:36
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