Estate Planning & Inheritance Lawyer in Mallorca

Renouncing an inheritance is done through a formal and explicit declaration before a notary, executed in a public deed. This renunciation must be pure and simple, without conditions or reservations. It is important to note that by renouncing, you forfeit the right to both the assets and the debts of the estate.

Two deadlines apply. You generally have up to 30 years to formally accept or renounce an inheritance under Spanish civil law. However, Inheritance Tax must be filed within 6 months of the date of death, and late filing results in surcharges. Since 2023, spouses, children and parents benefit from a 100% tax rebate in the Balearic Islands, but the return must still be filed on time for the property to be registered in the heir’s name.

To process an inheritance, you need the death certificate, the certificate of last wills, the will (if one exists), the family book, property deeds, bank certificates, and an inventory of assets and debts. In addition, it may be necessary to obtain the deed of inheritance allocation and pay the Inheritance Tax.

A will is a legal document in which a person expresses their wishes regarding the distribution of their assets after their death. It is important because it allows for proper estate planning according to the testator’s intentions, reduces conflicts among heirs, and streamlines the inheritance process.

The legítima is the portion of an inheritance that the law reserves for certain heirs, such as children, the spouse, and in some cases, ascendants. These heirs are entitled to receive a minimum share of the estate, regardless of the provisions stated in the will. The specific proportion varies depending on the legislation of each autonomous community.