Spouse deceased what happens to escitura

[AdevineParticipant]

Hi – My father has 3 weeks timeshare (Lanzarote) in which he has an escitura for 2 weeks owned and not the other week owned.  My mother has now passed away so does he need to do anything further or does the rights automatically pass to him.  It was joint owned.

 

Regards Andrena

 

Andrena

Andre

 

My father has 3 weeks timeshare

[Mark StücklinKeymaster]

You need to contact the timeshare company and find out what their policy is on this. However, I suspect you will need to get the deeds updated using your mother’s will.

[Barbara Ingenbleek, Euro EconomicsParticipant]

Pls be informed that inheritance tax is applicable.

[Mark Roach – Spanish Tax Consultant & UK Limited Company DirectorParticipant]

Hello Andrena,

I have come across cases in the past where Timeshare property has been in peoples own personal names, so when there is a death it is Spanish Inheritance Tax that would have to be paid by the Beneficiary as per the Will.

However I have also been aware that in Timeshare or Fractional Ownership of Spanish property there may have been a corporate structure set-up, like a UK Limited Company, so that on death the shares in the Company pass to the Beneficiary outside of Spain so no Spanish inheritance Tax to pay.

With the Timeshare or Fractional ownership property being in a UK Company structure meant the other owners of the Timeshare or Fraction did not have problems with Spain Tax office whilst Probate takes place.

[Author]

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