the economic and family hole that you can cause if you lack a will

When our closest relatives die, we are filled with deep sadness, but The tragedy can be even greater if they cannot rest in peace because they have not left their last wills well 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 will.

Because the absence of financial provision in inheritances always tends to generate extraordinary costs, conflicts and loss of asset value. Only in the past year 2024 they registered more than 26,000 disputes in Spanish courts regarding inheritances, according to the latest data available from the General Council of the Judiciary (CGPJ)

“Every week we see Modest inheritances that become authentic battlefields. Financial education is not a luxury, it is a way to protect what already exists,” confirms Abel Marinlawyer specialized in inheritance and partner at the Marín & Mateo Abogados firm. For Carmen Pérez-Pozo Toledanofounder and CEO of Grupo Pérez-Pozo, a firm specializing in wealth management and inheritance law, “inheritance planning is not just a matter of money: it’s a act of protection towards our children and family“.

The testimonies of these experts reflect that making a will is the best option for avoid possible conflicts between our most loved ones when we are no longer herebut it also helps protect heirs from possible debts and optimize taxes legally.

From the General Council of Notaries they explain that making a will is a “simple” and “revocable process”, which means that “it can be changed as many times as you want, so that the one made later leaves the previous one without effect.” So, “To do so you only need your DNI and explain to the notary how you want to distribute the assets”. However, they highlight that there is a lack of knowledge about this document, especially about the price, since 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 downwards or upwards depending on the location in which we do it. The OCU highlights that by making the will “you will prevent your heirs from going through a notarial procedure, the ‘declaration of heirs intestate‘, which costs between 250 and 400 euros”.

The problem is that this process is not immediate and can last for 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 on procedures and lawyers increase. Furthermore, delays in the payment of the Inheritance and Donation Tax – which must be settled in six months (extendable) – can make it difficult to pay on time, thus generating late fees and interest with the Tax Agency.

Regarding the types of will, in Spain there are fundamentally two types, since the closed willwhich is delivered in a sealed envelope after the death of the testator. Thus, there is the holographic and notarial willwhich is the most widespread and recommended as it has notary certification. The main drawback of the holograph, which is written by hand by the testator, is that it usually contains flaws from a legal point of view and probably subsequently requires an authentication process that may involve a extra expense of between 300 and 400 euros.

Four keys to protect your assets

It is clear that with the proper preparation of a will you can avoid conflicts, protect heirs from possible debts and, at the same time, optimize taxes legally. Below, Grupo Pérez-Pozo shares with Economic Information Some keys to protect family assets in the will and other actions to avoid problems that cause economic losses:

-Will adapted to your family reality. “A well-designed will allows you to organize the succession according to the needs of each family and apply legal strategies that reduce the fiscal impact. It is important to agree with the heirs on the design and distribution of the inheritance. In addition, it can include conditions that guarantee the appropriate use of the assets by the beneficiaries, such as age restrictions or conditions of use.”

-Donations 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 specific conditions, and help the succession to be carried out in an orderly manner and without surprises.”

-Acceptance of inheritance for the benefit of inventory. “If there are debts of the deceased or uncertainty about his assets, this formula protects the heir by preventing him from having to respond with his own assets. It is a useful strategy to not give up the inheritance for fear of possible debts.”

-Succession agreements and legitimate rights. “Strategies such as the atomization of inheritance, the commutation of usufruct or the early delivery of legitimate rights help to distribute assets in a clear and transparent manner, avoiding possible disputes between heirs.”

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