Spanish will: The great advantage of having a will drawn up in Tenerife or Spain is that you can save your loved ones a lot of worries and money by having for example the British law apply to your assets in Tenerife and Spain.
If you do not have a Spanish will, we wil need to revert to your will in your home country, this will need to be legalized and translated into Spanish. So this means extra worries and costs and procedures, that can be avoided by having a will made in Spain.
And even worse, if there is no will at all, we need to file a probate and this takes even longer!
A will made up here in Spain, does not change anything about the inheritance taxes to be paid in Spain. It is a common misconception that this does affect things, it doesn’t! Your heirs wil pay the inheritance taxes in Spain, regardless of the existance of a Spanish will or not. The will makes the procedure here faster and smoother, and without extra costs in your country of origin, such as translations, legalizations and so on.
The Spanish will ensures that even if there is a will in your country of origin , it does not need to be translated nor legalized and also does not need to be examined by the Spanish notary. This makes the procedure for the acceptance of the inheritance here in Spain a lot faster and cheaper for your heirs. A will made here in Spain with the indication of the heirs and the indication of which law of inheritance is applicable, is therefore highly recommended by us!
Having a Spanish will is certainly not an unnecessary luxury when you own assets and/or property in Tenerife or Spain! The advantages are:
Choice of law of succession (UK/…)
Avoiding worries for the next of kin
Faster settlement of the inheritance
Easier settlement of the inheritance
Cheaper settlement of the inheritance