Wills are documents that deal with who inherits your money when you die. Wills in the UK also appoint an executor, which is a person who is in charge of dealing with giving out the money in line with your Will. This person, or persons, are personally liable to do this, which means that they must do it correctly, or they have to put right their errors with their own money.
In Europe, many countries don’t use executors to do this, and in fact their process is very different. Spain, and other European Countries, subscribe to “Brussels IV”, which is a set of rules laying out rules around inheritance. England and Wales do not subscribe to these rules, and have always had very different regulations (even whilst we were a member of the European Union).
These rules often impose “forced heirship”. This is when certain people must inherit your estate. Some countries in Europe allow you to deviate away from this with a Will, but some do not and other approaches need to be taken during lifetime (such as beneficiaries giving up their future inheritance).
If you have a house in Spain, or another country, it is important to write a Will in that country. This is because if you are a British citizen, you are able to elect to apply English law to your estate in certain circumstances and this creates certainty with who deals with what. If you do not write a Will in both jurisdictions, confusion can arise as to who deals with what, and who inherits what. This can mean that professional assistance is required to “unpick” the inheritance, which may cost thousands of pounds.
In summary, it is important to ensure that you have written a Will in all countries in which you have assets. For more, see International Estate Planning Lawyers in Leicester or call Lawson West Solicitors on 0116 212 1000 or 01858 445 480.
