September 22, 2016 at 4:14 pm #192665AnnieloeParticipant
My husband died in November 2004 leaving all assets to me and I made a will leaving all assets to him in our Spanish Will and in the event of us dying together the estate would go to my two Sons.
we placed the house which is owned outright on the market prior to him passing.
After the funeral, my two sons and myself flew out to Menorca to see our lawyer. We were advised not to sell for 4 years as the IHT was 60+% and also not to register his death until after that time. So with his advice duly took the property off the market. (€495k) at that time. After 4 years I wanted to place on the market again and also consulted with a different lawyer whom told me yes it would be fine (the IHT had fallen dramatically) However, a week later that lawyer contacted me to tell me that it had changed to 6 years. By this time 2010/11 the property market had collapsed and lowered the price over the next few years considerably. (I was still with the original lawyer that prepared the wills and he was still our POA).
I have now a buyer for £180k but have now been told that my two children will inherit 40% each of my husbands half of the property.
My Lawyer passed away July 2015 and did not advise me of the change in Spanish Law for Inheritance, he also never registered his death. (It is being Apostiled right now).
I had intended to give my sons part of the sale, but did not intend to give 40% each of their fathers half of the property, as this was to be for me to help me with my retirement, (as it would have been for my husbands)
I was told of my lawyers death in November 2015 by his successor, which I duly went out to Menorca in December 2015 to get it Notarised for her to act as my POA.
Both of my sons have also Notorised her this week here in the UK, in order to go ahead with the sale!
Can you please tell me if this whole affair has been executed correctly?
September 23, 2016 at 5:01 pm #192690Mark StücklinKeymaster
Annieloe, this sort of situation is complicated and best handled by a professional. If you have any doubts you should get a second legal opinion by consulting a lawyer. I know it all adds to the cost but that’s the way it is.
September 23, 2016 at 6:06 pm #192693AnnieloeParticipant
Thank you Ramondo,
I have it in the hands of my new Lawyer, but dare not say too much in case it interferes with the sale of my property which is supposed to be signed on Monday 26th. Also I’m afraid that it will cause friction with my sons. I am left feeling cheated and will now not be able to do the things that I have been planning to do.
Your article on inheritance in Spain, has helped me understand more of what my lawyer has told me.
I have sent your link to a few friends whom have homes in Spain. I’m sure they will find it very helpful indeed.
Thank you once again for this clear insight into Spanish IHT.
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