Estate Planning in Costa Blanca

Estate planning involves planning how a person’s assets will be managed and distributed immediately after his or her death. First, the management of an individual’s property in Costa Blanca and financial obligations must be considered.

Assets in Costa Blanca that constitute the estate include all assets that the individual has or is able to show that they belong to him (houses in Altea, cars, paintings, life insurance, pensions, debts…).

The most normal step in estate planning involves drawing up a Will in Notary. A will is a legal document created to give instructions on how and in what manner an individual’s assets and custody of minor children, if any, are to be treated after death. The individual expresses his or her wishes through the document and appoints a person (executor) whom he or she trusts to carry out the stated intentions.

The authenticity of a will is determined through a legal process known as probate. Probate is the first step in administering a deceased person’s estate and distributing the property to the beneficiaries. When a person dies, the custodian of the will must take the will to probate court or to the executor named in the will within 30 days after the death of the testator.

Our Process

First, we carry out an exhaustive study of the mentioned case, requesting the necessary documentation. Wills and Testaments in Costa blanca. 

After analyzing the case study, CFL’s  estate planning department will provide you with different solutions and various ways of attacking the case.

Once the case has been analyzed and the best option chosen, CFL will negotiate for your interests.

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Faqs

What is Estate Planing?

Estate planning is the preparation of tasks and jobs that are used to manage a person’s assets in the event of his or her death or total or partial disability. Planning includes the study of the case at hand, the bequest of assets to heirs, and the assessment of inheritance taxes. At CLF we strongly recommend that these types of arrangements are always supervised by a law firm specializing in inheritance law.

 

How important is to choose an apropiate proxecutor?

The court-approved legal representative or executor is responsible for locating and overseeing all assets of the deceased. The executor must estimate the value of the estate using the value date of the death or the alternative valuation date as provided in the Internal Revenue Code (IRC).

A list of assets to be valued during the estate includes retirement accounts, bank accounts, stocks and bonds, real estate, jewelry, and any other items of value. Most of the property that is subject to administration of the estate is under the supervision of the probate court where the decedent lived at the time of death. The exception is real estate. You must probate real estate in the county where it is located.

The executor must also pay the taxes and debts of the deceased person on the estate. Claims that are rejected by the executor can be taken to court, where an estate judge will have the final say on whether the claim is valid or not.

The executor is also responsible for filing the final tax return on behalf of the deceased. Any outstanding estate taxes will be paid within nine months of the date of death.

 

Estate tax planning.

State taxes on an inheritance can significantly reduce its value before the assets are distributed to the beneficiaries. Death can result in large responsibilities for the family, requiring generational transfer strategies that can reduce, eliminate or postpone taxes.

During the estate planning process, there are significant steps that individuals and married couples can take to reduce the impact of these taxes, which is why we will always recommend that you visit an attorney who can assist you with this type of consultation.

See our Offices

We offer our services about Estate Planning in:

  • Estate planning in Oliva
  • Estate planning in Dénia
  • Estate planning in Altea
  • Estate planning in Xaló
  • Estate planning in Gandía
  • Estate planning in Valencia
  • Estate planning in Alicante
  • Estate planning in Murcia
  • Estate planning in Elche
  • Estate planning in Albir
  • Estate planning in Benirdorm
  • Estate planning in Jávea
  • Estate planning in Calpe
  • Estate planning in Moraira
  • Estate planning in Torrevieja

 

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