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News / The Perils Of Probate When Living In Spain

The Perils Of Probate When Living In Spain

06.07.11

Please note that this article is over six months old. While Blevins Franks takes care to make sure that information is accurate on the date of publication, some content may change over time. You should not rely on the accuracy of legislation and tax information in this article; take professional advice for your circumstances.

As an expatriate you are likely to have assets in more than one country. Besides those in Spain you may have retained assets in your home country. Any overseas bank accounts (eg Isl

As an expatriate you are likely to have assets in more than one country. Besides those in Spain you may have retained assets in your home country. Any overseas bank accounts (eg Isle of Man) or investments located elsewhere mean you have another country or countries to consider. On your death probate may therefore be needed in two or more countries, making life more complicated and costly for your heirs.

 

Probate can take a long time ? up to a couple of years in some cases. Assets may be frozen in the meantime so your heirs will not have access to the funds.

 

While it is essential to have an appropriate Will for your circumstances, it will not avoid the need for probate.

 

At Blevins Franks the investment structures we recommend to clients moving to and living in Spain allow you to fill in a beneficiary nomination form, whereby on your death the assets are distributed according to your wishes and without the need for probate.

 

Assets held within a trust are not frozen awaiting probate formalities. Trusts can also provide tax and other advantages, though this depends on your circumstances and the countries concerned.

 

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual must take personalised advice.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.
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