Surely we all feel a certain rejection or negativism when we even think of the word ‘will’. It is true, as is obvious, that it is always something we associate with the loss of loved ones, even with our own death.
However, although it is difficult, it is important to think with a cool head and understand that writing a will usually has multiple positive effects, especially to ensure the protection of our descendants and our own peace of mind in this regard.
Here, we at MAM Solicitors explain the benefits of having a Will drawn up and whether or not it is necessary to draw up two separate Wills when living in a country other than your own.
When is the best time to make a will?
Preparing a Will is an essential step to ensure that our estate is administered according to our wishes and with the aim of protecting our loved ones.
In this regard, a common mistake that many people make is to associate making a will with being of advanced age. This is not the case.
It is more than advisable for anyone who is of legal age and has assets or property to consider having their will prepared and formed in the event of any adversity.
We can say that the will is not only an action of prevention or guarantee for our heirs, it is also a responsibility for the inheritance of our good ones.
What are the benefits of writing our will?
As we have said, writing a will has many benefits, especially when it comes to preparing the inheritance and how we want to distribute our assets, regardless of what is required by law.
Thus, for the team at MAM Solicitors, the main benefits of the drafting and form of wills are:
- Distribution of your assets and estate:
In cases where there is no Will, it is the provisions of the legislation itself that will determine the distribution of assets in accordance with the provisions.
A will, on the other hand, allows us to define to whom we bequeath our assets, be they family, friends or even charities, for example. Similarly, certain provisions can be included in case of having descendants with special needs and to ensure their future well-being.
- Resolving potential family conflicts
The distribution of inheritance can become a source of family disputes when it is not well structured or defined.
With a will we reduce the chances of conflict between family members by facilitating a dispute-free inheritance process.
- Protection of minors
If you have minor children, a will is vital for their protection.
The will gives us the possibility of appointing a legal guardian who will take care of the minor and the assets included in your inheritance.
- More agility in the succession process
When a person dies without a will, the inheritance process can be slow, costly and complicated for his or her relatives. Having a Will reduces the legal red tape, simplifying the inheritance process and allowing your heirs to access assets more quickly and not having to drag out the already painful process any longer than necessary.
- Reducing the associated taxes
A well-planned will can help you reduce the tax burden on your assets, so that your heirs receive a greater share of your estate.
There are tax planning strategies that can minimise the tax your heirs will have to pay.
At MAM Solicitors we can advise you on how to structure your Will in the most tax efficient way possible.
Should I prepare 2 wills if I have assets in different countries?
Many of our clients ask us this question, and it is essential to bear it in mind, as the answer is subject to the legislation of each country and is often linked to the tax aspects affecting the heirs.
Generally speaking, for residents in Spain, succession is governed by the law of the deceased’s country of residence. This means that, when drafting a will, it is essential to ensure that the rights granted to the deceased under foreign law are not infringed.
On the other hand, it is important to underline that non-resident citizens with assets or property in Spain should plan the inheritance only in relation to these assets, so it is advisable to make a Will in Spain for assets located in Spain. This will considerably simplify the inheritance process in Spain.
Do yo need any legal help?
At MAM Solicitors we have over 30 years of experience in helping our clients.
If you need any kind of advice on this procedure, do not hesitate to contact us and our specialists will help you with everything you need.
