PORTUGAL INHERITANCE LAW -
Having been a member of the European Union since 1986, Portugal has since become a firm favourite for foreign property investors. You can realise why Portugal attracts foreign investment, considering its economic growth, stable economy and long months of endless sunshine.
If you are a foreign investor of property in Portugal, you currently rely on the Portuguese Civil Code to define the law regarding what is applicable regarding your succession after death. This in practical terms means, that in general, the personal law of the deceased should come into effect on death, however, is it worth the stress hoping that what you believe may happen actually does. Leaving your dependents with the least possible burden after your death has to be your number one priority, although, when spending thousands of euros on property, a last will and testament is normally the furthest thing on foreign investor's minds. With regards to the possession of Portuguese real estate, ownership and all other rights falls under the law applicable to the State where the property is located. This means that you are leaving your dependents with the following scenario - having to rely on the law of that particular state and all the costs associated with both a lawyer in your country of residence and to try and locate a dependable and reliable lawyer in Portugal to exercise the law.
If you act now and have a Portuguese Will established by a reliable and dependable local Portuguese lawyer, you can be left with complete peace of mind that your dependents have a valid legal document and most importantly a local point of contact.
At present Portuguese law distinguishes itself between public and private wills. This means a public will is made under public declaration, drafted by a notary. With regards to a private will, this is prepared and signed by the testator, and must be formally accepted by the notary. In addition the private will can be placed under the security of the notary, and therefore, your dependents only need to contact the local lawyer to have it resurrected after your death.
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