Spanish Wills and Estates - Preparation of a Will

Every year, assets which have been gathered over lifetimes are distributed in ways their owners never intended or desired. Misunderstandings and disputes arise among family members, and thousands of euros are paid in unnecessary legal fees and taxes. The reason? Every year, people postpone the preparation or revision of their Wills.

Every adult should arrange for a Will to be properly prepared, executed and witnessed. These documents should be reviewed on a regular basis, particularly if there has been a change in marital status: divorce does not render a Will void, while marriage does.

In addition to appointing an Executor, a Trustee and a Guardian for your children, a Will outlines the ways in which your assets are to be disposed, and how debts and estate expenses are to be managed. A Will can provide for specific bequests of either a personal or charitable nature.

It is possible for a Will to address the kinds of circumstances which can lead to the misdirection of your assets. Wills and estate planning can also reduce the taxes and estate administration costs that might otherwise be payable upon your death.

Powers of Attorney, which give one individual responsibility for managing financial and related affairs of another, have traditionally proven useful to persons who found themselves unable to attend to their financial duties on a temporary or permanent basis. Until recently, however, Powers of Attorney became void if the person who had granted them became mentally incompetent.

The Enduring Power of Attorney is an uncomplicated and effective document which allows individuals to make arrangements for the management of their affairs upon the future occurrence of a specified event, such as mental incapacity. Those who currently require Powers of Attorney, due to physical incapacity or for other reasons, can ensure that their Powers of Attorney continue even after the onset of mental disability.

The Enduring Power of Attorney is a critical tool in directing the appropriate future management of one's affairs. It should, along with a Will, form part of the legal portfolio of every individual.

What if I dont make a Will? A person who dies without a will dies intestate. This will bring up complications arising out of whether UK rules apply as you are British or whether the Spanish rules apply. As a result the process between the lawyers and tax officials can be quite lengthy and costly. In conclusion it is in your advantage to make a new Spanish Will as soon as possible.