Mine was consumed, how about yours?

The Office for National Statistics puts UK life expectancy at 79.4 years for men and 83.1 years for women. Today, a 65-year-old man can expect to live for 18.5 more years, while a woman would typically have 21 more years left in her. Of course, life expectancies are averages – so this won’t hold true for everyone. Your lifestyle, diet, genetic make-up and wealth could all affect how long you will actually live for, with luck also playing a big role. Obviously, living a longer life is a good thing in theory, but from a retirement savings perspective, it can pose a real challenge. In fact, 60% of baby boomers admitted in a recent Allianz study that they’re more fearful of outliving their savings than of dying. This sentiment is shared by 43% of workers surveyed by Transamerica, who say that outliving their savings is their greatest retirement-related fear.

Many of our clients will have beside their property and / or bank accounts here in Spain still assets abroad.  This could be a property in the “home” country, a share portfolio in Luxembourg, an offshore bank account etc.

Most would have a Will covering these assets in their home country and without specific mention of the asset will have laid out their wishes in the form of for example “spouse to spouse on first death and on second death to the children” which would apply to all their assets.  

Should the person have not bothered taking on a Spanish Will then the heirs would have to go through the extra work and costs involved in relying on a UK or foreign will for the disposal of the Spanish assets.  The Will would have to be translated and apostiled adding delays and extra costs at a difficult time for the heirs.