Life Insurance

Taking out a life insurance policy at the time of preparing your inheritance has some advantages:

The capital to be received is taken out of the estate, so the beneficiary does not have to comply with succession proceedings. In this way, he or she does not need to ask for anything from the estate executor or contador partidor, or the group of inheritors, but only from the insurance company which is not going to require more than the accreditation of the beneficiary and proof of the liquidation of inheritance tax.
For the same reason, the beneficiary is not tied into the same time scale as other interested parties.

However, the life insurance, which for the beneficiary is in the nature of a gift, can not be used to avoid the application of the law or to defraud. Therefore:

  • If the capital with which the insurance policy has been contracted belonged not only to the policy holder, but was shared with the spouse under their matrimonial property regime, the partner may challenge the action carried out without his or her consent. The partner can also ask for the price paid to be included in the liquidation of their matrimonial property regime.
  • For exisiting beneficiaries with a right to a reserved share, the capital paid must be accounted for to check if there is any harm to the reserved share, and if so, to be under clawback and clawback among the heirs.
  • Among the heirs with a right to the reserved share, the capital invested in the life insurance policy must be taken into account as already received, in the sharing out of the estate.
  • The life insurance policy can have some benefits for inheritance tax purposes.

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