Dear Clients,
The succession rules in all European countries will change as per the 17th of August of 2015 due to the REGULATION (EU) No 650/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on jurisdiction, applicable law, recognition and enforcement of decisions and acceptance and enforcement of authentic instruments in matters of succession and on the creation of a European Certificate of Succession.
This Regulation shall be applicable to all European countries except for United Kingdom, Ireland or Denmark, however, in the case of citizens are living in other European Countries, like Spain, they shall be bound by such regulation and law.
The most important change in this new European Law, which will be applicable as per the next 17th of August, is that the general law applicable to the succession shall be the law of the State in which the deceased person had his habitual residence at the time of death. This means that in most jurisdictions, like Spain, the individual assets shall be subject to some forced-heirship provisions. In that case, if you die after the 17th of August, then your last wills shall be modified according to those jurisdictions of the conuntries where you are living.
However, you can avoid these forced-heirship provisions if you choose the law as general law to govern your succession, the law applicable to the State of your nationality when making the choice or at the time of death.
This choice shall be made expressly in your last wills and testament, so it is important that if you have already made your will in Spain then you should check its contents before the 17th of August to be sure that your last wills are accomplished.
Also Peñalver Lawyers we recommend that if you still have not made your testament in Spain, you should get advice and grant a will according to this European Regulation.
If you have any further query or question or you want advice please do not hesitate to contact us and make an appointment with our Lawyers who shall be grateful to help you.
Yours sincerely,
Peñalver Abogados-Lawyers.
