When our closest relatives pass away, we are filled with deep sadness, but The tragedy may be even greater if they cannot rest in peace because they did not leave their last will and testament properly tied and conflicts over inheritance begin to arise. According to data from the General Council of Notaries, One in five Spanish citizens dies without leaving their home. will.
Because the absence of financial provision in inheritances always tends to generate extraordinary costs, conflicts and loss of value of assets. Only last year 2024 they registered more than 26,000 disputes before the Spanish courts regarding inheritance, according to the latest data available from the General Council of the Judiciary (CGPJ)
“Every week we see Modest legacies that become authentic battlefields. Financial education is not a luxury, it is a way of protecting what already exists,” confirms Abel Marinlawyer specializing in inheritances and partner of the law firm Marín & Mateo Abogados. For Carmen Pérez-Pozo Toledanofounder and CEO of Grupo Pérez-Pozo, a firm specializing in wealth management and inheritance law, “estate planning is not just a question of money: it’s a act of protection towards our children and our family“.
The testimonies of these experts demonstrate that making a will is the best option for avoid possible conflicts between our loved ones when we are no longer therebut it also helps protect heirs from possible debts and legally optimize taxes.
From the General Council of Notaries, they explain that making a will is a “simple” and “revocable” process, meaning that “it can be modified as many times as desired, so that the one drawn up later leaves the previous one without effect”. SO, “To do this, you only need your DNI and explain to the notary how you want to distribute the assets”. However, they emphasize that there is a lack of knowledge about this document, particularly its price, because many are unaware that its cost does not depend on the value of the goods to be distributed.
According to the Organization of Consumers and Users (OCU)make a will It costs on average in Spain around 60 eurosalthough this figure may vary slightly downward or upward depending on where we do it. The OCU emphasizes that by making the will “you will avoid your heirs having to go through a notarial procedure, the ‘declaration of the heirs intestate‘, which costs between 250 and 400 euros”.
The problem is that this process is not immediate and can last several monthsespecially if there are family conflicts, which will prevent access to bank accounts or properties that could represent a significant economic injection. The consequence of all this is that Expenses for procedures and lawyers are increasing. Additionally, delays in paying inheritance and gift taxes – which must be settled within six months (extendable) – can make it difficult to pay on time, thereby generating late fees and interest with the tax authorities.
Regarding the types of wills, in Spain there are basically two types, since the closed willwhich is returned in a sealed envelope after the death of the testator. So, there is the holographic and notarized willwhich is the most widespread and recommended because it is notarized. The main disadvantage of the hologram, handwritten by the testator, is that it usually contains defects from a legal point of view and probably subsequently requires an authentication process which may involve a additional expense of between 300 and 400 euros.
Four keys to protecting your assets
It is clear that with proper preparation of a will you can avoid conflicts, protect heirs from possible debts and, at the same time, legally optimize taxes. Below, Grupo Pérez-Pozo shares with Economic information Some keys to protecting family assets in the will and other actions to avoid problems that lead to economic losses:
-Will be adapted to your family reality. “A well-designed will allows you to organize the estate according to the needs of each family and to apply legal strategies that reduce the tax impact. It is important to agree with the heirs on the design and distribution of the inheritance. Additionally, it may include conditions that ensure appropriate use of the assets by beneficiaries, such as age restrictions or conditions of use.
-Gifts in life. “Transferring part of the assets before death is a way to help heirs and reduce the tax burden. These donations can be total or partial, with special conditions, and allow the succession to take place in an orderly manner and without surprises.”
-Acceptance of inheritance for the benefit of inventory. “In the event of debts of the deceased or uncertainty over their assets, this formula protects the heir by preventing them from having to respond with their own assets. It is a useful strategy to avoid renouncing the inheritance for fear of possible debts.”
-Inheritance contracts and legitimate rights. “Strategies such as the atomization of inheritance, the commutation of usufruct or the early delivery of legitimate rights contribute to distributing assets in a clear and transparent manner, avoiding possible disputes between heirs.”
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