I am the named executor of a Will that contains assets in Spain – help!Executor of a Will with Spanish Assets
When a relative or friend who has assets in Spain names you as the executor of their Will, at the relevant time, you will need to take responsibility for dealing with their assets in this country – paying off any debts and distributing the remaining estate to the beneficiaries.
Executors’ Responsibilities and Liability
This can be a complex, time-consuming and often stressful role, that few are truly adequately prepared for: you will need to make several trips to Spain to handle Spanish paperwork; of course it is likely that there will be different assets to deal with, potentially a significant tax liability, or potential disputes among beneficiaries.
An executor in Spain has the following main tasks: take action to protect the assets of the estate, makes distributions of property to beneficiaries and pay any debts and taxes that are due.
If an executor mis-manages estate funds and this results in a loss for the beneficiaries, the executor can be found personally liable, so it is important to know that a person named as an executor does have the right to refuse the position. The executor will administer an estate and remains in charge until it is legally closed. After that, creditors and taxes, if any, must be paid and then the named beneficiaries are entitled to their share of what is left.