New EU Regulation to be Passed on Succession and Wills
Every year 450,000 successions are bogged down on cross-border issues relating to the applicable laws. The EU has decided to adopt regulation to help avoid all the related problems that these transnational inheritance cases give way to.
This new regulation, known as the “Brussels IV Regulation”, purports to create a “European Certificate of Inheritance” which endeavours to harmonise the winding-up of the estate procedure to be followed. This certificate is devised to greatly simplify succession procedures throughout all EU-member countries and will hinge on the person’s last “habitual residency” to determine which succession laws ought to be applied. Additionally, this new regulation will also allow testators to choose which regulation should be applied to dispose of their assets and rights.
This regulation is not expected to be approved before 2011/2012. You can find a draft of this interesting new law in English here. (http://www NULL.justice NULL.gov NULL.uk/consultations/docs/ec-succession-wills NULL.pdf)
In case you are worried that Brussels will meddle on your deathbed dictating on your overseas estate you ought to know that both Ireland and the U.K.’s Government have opted out of its application, at least in its present form. So for the time being if you hold either of these citizenships you shouldn’t be too worried.
In any case let me close adding that this new regulation is geared towards making European succession procedures run smoothlier and more efficiently; they are not passed to curtail your national rights. Besides it’ll make us lawyers’ life’s easier… and that cannot possibly be wrong, can it?
- Spanish Inheritance Tax: Advantages of Making a Will in Spain (http://belegal NULL.com/articles/showArticle/spanish-inheritance-tax-spain-iht) – 3rd September 2009
- Free Testamentary Disposition for UK Citizens: Only if You Own Property in the UK (http://belegal NULL.com/blog-by-antonio-flores/free-testamentary-disposition-for-uk-citizens/) – 22nd October 2008
- Spanish Inheritance Tax Abolished? I’m Afraid Not! 19th September 2008
- Ways on How to Avoid Inheritance Tax on Spanish Property (http://www NULL.marbella-lawyers NULL.com/articles/showArticle/how-to-avoid-spanish-inheritance-tax-on-spanish-property) – 22nd June 2005
- Applicable Inheritance Law to Estate Located in Spain (http://www NULL.marbella-lawyers NULL.com/articles/showArticle/spanish-estate-inheritance) – 16th April 2004
- Spanish Inheritance Tax: How much is it? (http://belegal NULL.com/articles/showArticle/spain-inheritance-tax) – 1st February 2000