New Rules about Wills: Check how it affects yours!
Monday, December 15, 2014 @ 4:57 PM
You may be aware that due to a new European Regulation (EU 650/2012), the Inheritance rules have been amended and this could mean that you will need to amend your Will in Spain.
Under the new European Regulation 650/2012, when a person dies resident in an EU country but is a national of another, their inheritance will be governed by the rules of the country expressly stated in their Will and not by the International Norms of the country where they died or were resident, which may be in conflict.
This is good news for British nationals living in Spain as they can establish that they wish UK Law to govern their inheritance and this will avoid any possible risk of claims from children against the spouse on the basis of the system of obligatory heirs laid down by Spanish law, which has always been a concern where there are children from different marriages etc.
The change means that when someone dies after the 17th of August 2015, their inheritance will be automatically governed by the rules of their final country of residence. This is of upmost importance for British people living in Spain, because under Spanish law you cannot leave everything to your surviving spouse, as 2/3rds of the estate has to be left to the children or any other descendant.
In summary, if you are resident in Spain and have children and you do not establish in your will that you want UK Law to rule your inheritance, your Spouse will not be entitled to inherit everything as it would be contrary to the Spanish rules of obligatory heirs, which would automatically apply under the new regulation.
If you signed a Spanish Will and you want to double check whether these changes affect you, we highly recommend that you contact your lawyer who will be able to tell you if you need to make any changes to the wording of your Will.
For further details about inheritance in Spain, visit: www.abadabogados.com