I am the named executor of a Will that contains assets in Spain – help!Quick Tips when Dealing with Assets
An executor in Spain has the following tasks: protect the assets of the estate, distribute property to beneficiaries, pay debts and taxes due.
Some final thoughts on actions you may need to take if you are an executor of a Spanish Will:
Before proceeding to liquidate assets such as properties, it will be necessary to determine the value of the property via a local real estate agency. Note that a professional evaluation would require a technical architect who will charge a fee. If the estate includes artwork and antiques, any valuation will require an evaluation by the relevant experts in those fields, who may well charge a fee for that service. It would also be advisable to insure the properties since anything could happen in the meantime such as theft or damage.
It is recommended to open a new bank account where the executor appears as the account-holder, until the moment of the liquidation of the properties which are part of the succession.
One of the responsibilities of an executor is to use the estate’s funds to pay for funeral and burial expenses. The funeral home will also provide the executor with copies of the death certificate, which will be needed for several purposes, including closing financial accounts and canceling any state benefit payments.