Spanish Inheritance Tax: Advantages of Making a Will in Spain
Dear Sir.
I jointly own a property near Torrevieja with my cousin.We have both made out Spanish wills.We are both married,although the property is in mine and my cousins name only.Should I die first I understand my share automatically goes to my wife. When my wife dies I have willed my share equally to my 3 children (all over 21). My cousin has mirrored my will leaving his share equally to his 2 children(both over 21).
Could you please advise on I H T. liabilities for this situation.
We are both non residents. the property was bought in 2007 for 225,000 euros and is now worth lower than 200,000euros.
Regards. John
Spanish Inheritance Tax: Advantages of Making a Will in Spain
My Father passed awaty recently and left half the house he owns to his grandchildren, the other is owned by a woman he lived with.
He left a car worth about 19000 euro.
The lady has transfered this to her name after his death!
Is this legal as all assets were left to the grandchildren,
And would half the contents of the house be shared between the beneficiarys and the woman who has life interest in the property?
Spanish Inheritance Tax: Advantages of Making a Will in Spain
both my parents are uk citizens resident in spain. my father died on Saturday and I´m not sure what paperwork needs to be done, if any, regarding spanish inheritance tax. They have no will either in spain or the uk. the amount in the spanish bank account is under 6000 euros and they only own a mobile home.I an a uk spanish resident as well and my sister lives in the uk. Im led to believe that English law rules over the Spanish one and that my mum will automatically inherit from my dad the money they have in the uk bank. I don´t want to end up will a bill (with interest) in a couple of years time. thanks for your help
Spanish Inheritance Tax: Advantages of Making a Will in Spain
How is the value of a property assessed for IHT purposes?
Is it the Catastral Value multiplied with a factor, or is it the "actual market value" which is used?
I am getting conflicting information and would like to know what the Law states
Regards
Jamie
Spanish Inheritance Tax: Advantages of Making a Will in Spain
My husband and I are pensioners, our only house is in Spain, Andalucia - it's approximate value is 120k euros. We have a spanish will passing the property to one another (mirror will)- if I die it goes to my husband and vice versa. We live on basic uk pension and have no savings, the house does not have a mortgage on it. Do we have to pay IHT? We are residents - but I believe not fiscal residents (not sure of the difference). Any help would be appreciated. I am 65 and my husband 70.
Spanish Inheritance Tax: Advantages of Making a Will in Spain
My husband is infirm and will never travel again. I have Power of Attorney. We are both Pensioners. Can I transfer our apartment into my sole name. He wishes me to do this to make things easier for me in the future. Also, can I add my daughter's and son's names to the Escritura (they both hold N.I.E. Numbers), or should I give them my Power of Attorney for any future eventuality?