This Tuesday, the Balearic Parliament definitively approved the Balearic Islands Voluntary or Contractual Inheritance Act, known as the Living Heritage Act, by an affirmative vote of the entire House. The parliamentary process started last September. The main purpose is to provide succession agreements with the “d” arrangement.detailed, modern and clutter-free” and give an answer”to the indisputable legal and social reality that has led to an increase in succession agreements.. The current regulation is short and needs to be updated before a figure that significantly increases its use.
Making it easier for the courts They have had to resolve many cases without a standard that supports them, avoiding judgments and interpretations, sometimes it’s too realistic when paying taxes on succession agreements. Inheritance agreements may include current or deferred transfer of all or part of the property.
This new law does not enter taxes or duties as it is up to the legislator. Therefore, what is paid for an inheritance remains contingent until now. The presented standard simply orders articles and information to facilitate the process. In the words of the chairman of the Civil Law Advisory Board, Bartomeu Bibiloni: “It doesn’t go into the tax issue at all, it’s just that the taxes are characterized according to the civil concepts created by this law. The regulation of the tax issue corresponds to the Balearic legislator. This yes will ensure that the application of taxes is correct and that the taxpayer has clear concepts for certainty that the concepts are regulated.
facilitate the progress without waiting for the moment of succession in favor of children or other close relatives predicting death as well as succession planning and hereditary acquisition.
Controversial articles should be interpreted in the sense that best promotes the donor’s interestsand also in the sense that the donor makes less profit to the donor. The interpretation of the conflicting provisions between the donor and the third parties interested in the succession should be made in such a way that the donor is the least burden to them.
The donor may, on its own, include, modify, or annul any substitution provision. Again, In a subsequent will, the donor may not impose on the donor any reliable substitute or the obligation to distribute or choose what is provided.. If both institutions are already present in the universal grant, they can replace beneficiaries without their consent, unless the donor interferes with the giving of the donation. In any case, in a later will, the appointment of a bailiff, accountant or director may be included, changed or revoked.
It will be possible to identify from grandfather to grandchild and it will be possible renounce the legitimacy of a rise (father, mother, godfather) and receives the donation from a different ascendant.
Revocation of definition and assumptions of universal donation, especially bad behavior of the donor.
Universal donation for the life of the donor not responding to the donor’s debtsEven with the assets included in the donation, in the event that the right of the donation is abused, without prejudice to the powers of the creditors. In case of donation of current and future assets in creditor fraud, government regulations regarding termination of donations and contracts will apply.
reasons for cancellation
The donor can also unilaterally cancel the universal donation in a number of circumstances:
1) The donor reason for insult
2) in case Voluntary violation of fees charged explicitly to the donor, provided the donor has not requested compliance.
3) by breaking of personal relations between the donor and the done provided it is not for reasons attributable exclusively to the donor.
4) have mistreated physical or mental
5) If the donor makes an excusable mistake regarding the donor’s qualifications or personal characteristics, a sudden loss of confidencethat is, if he had been present at the time the universal grant was given, the donor would not have chosen him as heir.
6) by other legal reason provided in the universal grant. In this case, a document may be requested from the land registry.