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Does your Will comply with the new EU Inheritance Regulation?

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August 27, 2015

The new European Inheritance Regulation 650/2012 comes into force on August 17, 2015 and could affect the British citizens living in Spain.

The new regulation, although it came into force in 2012, will only apply to successions opened from 17 August 2015 and is aimed to provide a simplified framework for people who have private and financial interests in at least two countries, both within and outside the European Union.

Although for the moment the United Kingdom, Ireland and Denmark have chosen not to take part, citizens from these countries living on a Spanish territory will be affected, as Spain has taken part in the regulation.

The upcoming regulation will affect those who own different types of goods or assets in Spain, irrespective of whether the last Will has already been made or not. While the current “article 9 of the Spanish Civil code” states that foreign residents’ estates must be treated according to the law of their nationality, the new regulation may force the Will to be governed by Spanish Law unless appropriate changes are made. As a result, the beneficiaries may not receive the assets left to them by the deceased and Spanish forced heirship rules may apply.

Should you wish to familiarize yourself with the new regulation in greater detail, please CLICK HERE to read an in-depth article published by one of Lexland´s experts.

If you have any further queries on this topic, or find that you or someone you know could be affected by the upcoming changes, please contact Lexland directly and our professionals will be happy to answer any questions, and review the existing Wills at absolutely no cost. Moreover, we can also help with writing a Will and advise on the most efficient way of ensuring that the last wishes are respected.

 

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