Author Topic: More people in the Balearic Islands decline their inheritance  (Read 731 times)

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Mary Lorenzo

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Bit of a sad old tale in El Mundo newspaper today.When making a will in Spain it is worth remembering that the person inheriting is responsible for paying the inheritance tax on their legacy - and not the estate as it generally is in the UK.  Here's a rough translation fo the article.

Increases in  the resignations to inheritances in the Balearic Islands have tripled during the economic crisis and has grown 344% since 2007 and are passed from the 335 then to the 1,152 of last year  with taxes and debts are the stated reasons for rejecting the inheritances given in wills.

The crisis has triggered the resignations inheritance throughout Spain in the last few years.

Over the past eight years, the economic crisis has attacked mercilessly all kinds of sectors, people and activities in the Balearic Islands. No area has been spared from a situation that has left thousands of people without employment and accounts of the families in the red . Until the point that the concept of inheritance also has been affected, and although a priori anyone could think that receive an inheritance unexpectedly could serve to fill holes and mitigate the consequences of the recession, sometimes inheriting has become quite the opposite and has brought more of a headache which has affected you as you go through this period. This is evidenced by the data of the General Council of notaries, which make it exceedingly clear that people are increasingly relinquishing their legacies in the Balearic Islands.

Specifically, the resignations of inheritance have tripled with the crisis in the archipelago. Of the 335 bequests that were rejected in 2007 has moved to 1,152 last year, a 343.9 % more. A figure that leaves the Balearic Islands such as the fourth autonomous community where more increase this type of decisions over the past few years and that has risen from 4.5 % in 2007 to 12.2 % today.