If you wish to anticipate your inheritance, you can give a part of your assets to your children, in which case a gift would be suitable. However, it would be a good idea to take certain precautions. A situation in which a gift to one of the children is challenged by the other children after the death of the donor, or a situation in which the assets gifted during your lifetime are so significant that you would be left in a precarious position or cause you to become dependent on your children or on the state should be avoided. Your notary can advise you on the best solution given your situation and bearing in mind your estate, your children and the relationships between them.

Nevertheless, the most important aspect when gifting is taxation. In Spain, owing to the coexistence of seven different civil laws (common law as well as the laws of Aragon, Catalonia, the Balearic Islands, Navarra, the Basque Country, Galicia and Valencia), the treatment of gifts sometimes varies quite widely.

In addition, taxation depends to a large extent on the territorial government. In Spain, there are 17 autonomous communities each with its own specific tax laws, which can lead to a situation in which a gift in one community may not be taxed but in another it may be heavily taxed. If you wish to make a gift, your notary can inform you about the tax consequences.