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Madrid, Spain Attorneys in related practice areas.
Private Client law in Madrid, Spain covers a range of legal services designed to assist individuals and families in managing their personal wealth, assets, and family affairs. These services typically include estate planning, succession, inheritance law, wills, trusts, tax planning, and the administration of estates. Private Client lawyers in Madrid often work with Spanish residents and expatriates, helping them navigate the complex interplay between Spanish law and any applicable international regulations, especially when assets or beneficiaries are located in different countries.
Individuals may require the assistance of a Private Client lawyer in Madrid for various reasons. Common situations include:
Spanish Private Client law is distinct in several ways, particularly regarding succession and inheritance. Spain has a system of "forced heirship," meaning certain portions of an estate must be allocated to specific heirs, usually children and sometimes spouses. This system is regulated both by the Spanish Civil Code and by regional laws, although for most individuals in Madrid, the national Civil Code applies.
Other relevant areas include gift and inheritance taxes, which are administered regionally in the Community of Madrid and offer distinct exemptions and reductions compared to other regions. Non-residents with assets in Spain are also subject to Spanish legal and tax considerations. For foreigners and expatriates living in Madrid, the European Succession Regulation (also known as Brussels IV) may apply, affecting which law governs inheritance matters.
Forced heirship requires that a fixed portion of your estate must go to your children or, if none, to other specified relatives. In Madrid, this typically means that two-thirds of your assets are reserved for these heirs.
Disinheritance is only possible in very specific circumstances under Spanish law, such as proven abuse or neglect. Generally, you cannot freely decide to exclude legal heirs without cause.
If you have assets in Spain, it is highly advisable to create a Spanish will to ensure your wishes are recognized and to simplify the probate process for your heirs.
The Community of Madrid offers significant tax reductions and exemptions for close relatives such as spouses and children. Tax rates and reliefs may vary, so a local expert can provide tailored advice based on your circumstances.
If a person dies intestate (without a will), Spanish succession law will determine how the estate is distributed, typically following strict rules favoring close family members.
Under the European Succession Regulation, EU citizens residing in Spain can elect for their national law to apply to their estate. This choice must be expressly stated in your will.
Trusts are not commonly recognized under Spanish law, but there are equivalent structures such as foundations. International trusts may be recognized in limited circumstances, particularly for tax purposes.
Estate administration in Spain involves determining heirs, valuing assets, paying any taxes due, and distributing the estate. The process requires various legal documents and, in most cases, the assistance of a notary and a lawyer.
Yes, non-residents inheriting Spanish assets may be subject to Spanish inheritance tax and must comply with specific bureaucratic and legal requirements to transfer property or assets.
The timeframe can vary significantly, but a straightforward probate in Madrid typically takes several months to more than a year, especially if international elements or disputes are involved.
If you require further information or assistance, the following resources and organizations can be helpful:
If you believe you need assistance with any Private Client matters in Madrid, consider taking the following steps:
Seeking professional advice early will help you avoid complications, minimize tax liabilities, and protect your family's interests in Madrid, Spain.
