Making a Will in Spain
By John Hayward - Topics: Spain, Spanish will, Succession Planning
This article is published on: 22nd August 2022
After what has been a long hot summer, made even hotter with the wild fire we experienced here on the Marina Alta last week (I didn’t panic although my 10-year-old daughter asked me why I did. Thank you to the fire services), I felt that it was time to assess what is going on generally.
I now have a huge list of topics to cover and I aim to get bits and pieces out to you over the coming weeks. I will make just one point regarding investments. Those who are waiting for the war in Ukraine to end, or inflation to return to 2%, before investing could be in for a long wait and miss an opportunity. We have seen a significant bounce in financial markets after a nasty first half of 2022.
I wanted to start this new batch of information with a subject that I have written about before but is still relevant and extremely important. I was with a client a few days ago and we were discussing how essential it is that his children know what assets he has for inheritance purposes. He then commented on the fact that a neighbour died recently and nobody knows her next of kin. What a crazy situation. As in other countries of the world, unclaimed assets will end up boosting Spain’s coffers. From what I have researched, there are many millions, if not billions, of euros that will possibly help us all (no guarantee) if left unclaimed due to there being no will or any other notification of the next of kin.
Even if there is a clear instruction regarding who inherits what, I have experienced the problem of looking through draws and cupboards and sorting through documents, most of which had been kept unnecessarily.
Plans that we at The Spectrum IFA Group arrange have the facility to nominate beneficiaries. Not only does this save a lot of hassle for inheritors but it can also take the policies outside probate thus making funds available much sooner.
Click on the link below to access The Important Information Document which is here to help and can be used in whatever way you want to use it. It is editable and so you can alter categories, etc. Some people might be uncomfortable telling their next of kin exactly what they have. I appreciate that. However, it is still useful to provide the name of banks, insurance companies, etc., and to note things like Premium Bonds and other investments. You can also name your gestor, accountant, lawyer, and even your financial adviser. I can assure you that your beneficiaries will be grateful, in more ways than one.
If you would like to discuss managing your money in these volatile and uncertain times, please do not hesitate to contact me using the details below.
Visit John Hayward of The Spectrum IFA Group or click on the link below. You can also take a look at an overview of who I am and how, with the support of The Spectrum IFA Group, I can help you.