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How is an inheritance distributed in Spain?

The prior preparation of a WILL will facilitate the distribution of the deceased’s assets among the immediate family members; therefore, it is important to bear in mind the following points:

– The will can be updated as many times as you wish during the lifetime of the testamentary holder.

– The document is registered in the General Register of Last Wills and Testaments.

– It is complicated to disinherit a descendant.

– Each inheritance is divided into 3 thirds, one of these thirds is the RESERVED PORTION, which is compulsorily distributed among all the heirs, unless someone has been disinherited. The other two thirds are divided according to the will.

– If no will is made, the inheritance follows the following succession route: descendants, ascendants and widowed spouse. This is why it is recommended to protect the spouse in the will because legally without a will only one third of the assets will belong to him or her

– It is not possible for an heir to renounce their rightful share during their lifetime

– It is recommended to make a will when you have assets OR children

– Inheritance is subject to certain taxes and payment deadlines

– If you inherit a property, you will also have to pay the municipal tax, PLUSVAL√ćA

– You will exclusively avoid paying any tax if you renounce the whole inheritance

– Before accepting an inheritance confirm if it includes any debts or liabilities

– Donations during life also count for the final distribution of the inheritance.