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Estate planning in Funchal, Portugal, is a key aspect of managing ones' personal and financial affairs. This branch of law includes legalities surrounding wills, trusts, powers of attorney, and all means of securing your assets. The main objective of estate planning and succession law (which is part of the same legal field) in Portugal is to guarantee a smooth transition of assets and alleviate any tax implications for successors.
Many circumstances necessitate the intervention of a legal professional for estate planning. Wills and trusts are complex documents requiring legal expertise for proper execution. If there are potential complications, like blended families, beneficiaries with special needs, or if the estate is large or includes assets in multiple countries, then consulting a lawyer can avoid possible legal problems. Additionally, a lawyer can provide expert guidance on reducing inheritance and gift tax liability. Remember, when professionally facilitated, estate planning ensures your wishes are carried out, providing peace of mind for you and your loved ones.
The Portuguese Civil Code governs estate planning law in Funchal, Portugal. This includes matters related to succession laws that apply irrespective of the nationality of the deceased. The key legal aspects of estate planning law include: having a resident will, which can cover assets worldwide; the possiblity to 'donate' assets before death to reduce inheritance tax; and the institution of mandatory heirs, which means a portion of the estate must go to immediate family members - children and spouse. Portugal also has a double tax treaty with several countries to avoid paying inheritance tax twice.
No, you do not have to be a resident. Anyone regardless of nationality or residence, who owns assets in Funchal, can have a Portuguese will in place.
In case you die intestate (without a will), Portuguese inheritance laws decide on the distribution of the assets, which may not align with your individual wishes.
In Portugal, there is no inheritance tax for spouses or direct bloodlines such as parents and children. However, other beneficiaries may have to pay Stamp Duty of 10% on the inheritance value.
An executor, named in the deceased's will, is responsible for managing the deceased's estate including paying any debts and distributing assets to beneficiaries.
Yes, if you have legal standing, you can contest a will. This typically involves proving that the will was created under fraud, duress, or mistake.
You can consult local listings for legal professionals specialized in Estate Planning in Funchal. Additionally, consider referring to the Portuguese Bar Association and the Portuguese Notaries Association for legal guidance. For tax-related matters, the Portuguese Tax Authority provides helpful resources.
If you need legal assistance with estate planning, start by reaching out to a legal professional specializing in this law in Funchal. After an initial consultation, you can then work together to understand your unique requirements and begin the estate planning process.
