Legal tip 1319. European Inheritance Law compulsory since August 17th, 2015. A NEW SPANISH WILL ADVISED?
Friday, September 4, 2015 @ 12:40 PM
EU Regulation passed in 2012 (650/2012, also knows as Brussels IV) is now in-force, from 2015 August 17th, .
In simple terms. What is all that about?
1. Every inheritance to be treated under a single Law and by one authority. So if there are links to several countries, Law of just one of them is chosen and applied.
2. Citizens to choose between law of residency and law of nationality for their inheritance affairs.
3. Creation of the European Certificate of Succession
SOME IMPORTANT IDEAS TO REMIND:
- It does not imply, in any sense, the alteration of the substantive National inheritance Law of every European Country. Every country will maintain its own Inheritance Law.
- Matters such as who are inheritors, or how taxes apply, are not impacted in any way by this new European regulation.
- This regulation also creates the European Certificate of Succession, which will make easier the proving of status and rights as heir/ administrator of the estate/ executor of will. This certificate will be issued by the country where the deceased had habitual residency and will provide proof of entitlement in the estate to all signatory countries.
These rules will obligatorily, by virtue of Law apply to all persons dying after 17th of August 2015 so it is important.
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