After the death of a loved one, the question of how to manage your estate quickly arises. This can be an especially difficult problem for those who are left with minor children and without a will. And that’s where an estate planning attorney can come in handy. They can guide you through the pros and cons of the different methods of choosing who inherits, as well as potential pitfalls and ways to avoid or mitigate them. After all, our homes are not just places where we live; they are also repositories of our memories, of our treasured memorabilia collections and places where we spend quality time with those we love most. So when a loved one passes away and you’re left with minor children and no will, this shouldn’t mean you have to give up everything you own to protect your family’s future security and financial independence. These are some of the most common mistakes people make when processing an inheritance.
Don’t write everything you have
This is one of the most common mistakes heirs make when it comes to inheritance. The fact is that in most cases you will not be asked to write down exactly what you own. This is because the general rule is that probate (the process of figuring out your loved one’s assets and debts) is not a one-time event but a series of ongoing issues. So, in most cases, the probate attorney will simply take a written inventory of all your assets, including their value. He will then ask you to sign an affidavit confirming that he has listed everything honestly. Here’s the kicker: Although an inventory is never necessary, it can be extremely useful if it is.
Don’t forget to list your loved one’s debts and assets
The list of assets and debts attached to a will or trust should always be as exhaustive as possible. If a creditor refuses to take “no” for an answer, or a debtor tries to collect a debt that wasn’t included in the will or trust, chances are you’ll end up paying out of pocket. In the event that something is missing from the will or trust, a court will almost certainly order the executor to include it. This could end up costing you much more than if you had simply paid off the debt or taken care of the creditor yourself.
Make sure all beneficiaries are represented in the will or trust
It may surprise you to learn that, in many countries, it is possible to leave every penny to an “undeserving” friend. This is possible because, although a will is a legal instrument, its interpretation is left to the discretion of the court. Thus, in many countries, the judge can interpret the will in such a way as to rule out the beneficiaries and decide that the will is irrelevant. This can happen especially if the executor has done a bad job.
If a son inherits, make sure he gets equal treatment
If your loved one does not have a will and no children are named as beneficiaries, they will simply inherit what is left. Therefore, if your loved one has a significant amount of assets, they will also be left with a significant amount of debt. This may be unfair if you are the only one left to manage these things. If you can, ensure that the assets are divided equally among all the heirs, or that an equal amount is reserved for both the beneficiaries and the debts. This is especially important if the deceased was under the age of 60 at the time of death. In this case, a court will almost certainly order the debts to be paid immediately.
Establish an irrevocable trust before signing any contract or selling any property
We’ve all been told that prevention is better than cure, but some people don’t take this maxim seriously enough. If possible, you should put all your assets in an irrevocable trust before you sell them or sign any real estate contracts. This trust must be granted by a bank, a lawyer or a financial institution.
Should You Name a Trusted Family Member as Sole Executor?
If you are left with minor children and without a will, you must decide how you want to manage the inheritance in Spain. This decision will depend on a number of factors, including the total amount of your loved one’s assets, the age of your children, and the state of your finances. If you decide to handle the estate yourself, take the time to learn as much as you can about finances, taxes, and asset protection. You should also talk to your local government office or law firm to see if they can help you better understand your state’s probate laws.
How can Spanish-notary.com help you to carry out your father’s or mother’s inheritance in Spain with total peace of mind, security and speed?
If you need to make the inheritance in Spain of a family member in Spain but you are not in the country, or even when you are in Spain you do not know how to do it, do not hesitate to contact Spanish-notary.com. You can send a message to info@spanish-notary.com or if you prefer, you can call +34637634737 and the team of expert lawyers will assist you, explaining the entire process so that you can easily understand it and you will not have any questions to resolve.
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