INHERITANCE STORAGE: PROTECTING YOUR LEGACY
This service entails renting a secure deposit box where individuals can store valuable items intended as inheritance for their chosen beneficiaries. After the service owner's passing, the box will be opened in the presence of the beneficiaries specified in a will, along with a Notary to ensure the secure transfer of these assets.
Gibraltar law grants you complete freedom to select any beneficiaries for your assets at the time of your death.
It is not necessary - nor obligatory - to include in your will neither your descendants nor spouse if you do not wish to do so.
(for example, you can leave your assets to: a friend, the Red Cross, any NGO, a distant relative, etc.).
There is no tax in Gibraltar, which is levied neither on the owner of the safe deposit box nor on the beneficiaries of the assets that are bequeathed.
This service includes:
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Basic model and assistance in drafting your will.
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Two certified copies of the will.
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The rental of the Safe Deposit Box for the indicated period.
Rental Prices (*) for clientes aged 73 or lower.
Safe deposit box size —-> Small Medium Large
For initial, fixed period of 10 years —-> £ 2,422 £ 3,570 £ 10,030
Each 3 year renewal —-> £ 812 £ 1,197 £ 3,363
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Rental Prices (*) for clientes aged between 74 y 79.
Safe deposit box size —-> Small Medium Large
For initial, fixed period of 8 years —-> £ 1,938 £ 2,856 £ 8,024
Each 3 year renewal —-> £ 812 £ 1,197 £ 3,363
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Rental Prices (*) for clientes aged 80 or older.
Safe deposit box size —-> Small Medium Large
For initial, fixed period of 4 years —-> £ 969 £ 1,428 £ 4,012
Each 3 year renewal —-> £ 812 £ 1,197 £ 3,363
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(*) The heirs will pay the difference in price of the time that elapses between the opening date of the Safe Box (after the death of the owner of the safe deposit box) and the period actually paid. The indicated price does not include the fees of the Gibraltar Notary who, once the owner of the safe box has died, will accompany the beneficiaries when the Safe Box is opened.
FAQ: Frequently Asked Questions of this Service
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What does this service entail?
In Gibraltar, inheritance and legacy laws provide significant flexibility in designating beneficiaries for your assets after your passing.
This service offers the rental of a secure deposit box for the storage of valuable items intended as inheritances. The service holder is free to choose the beneficiaries and formalize their wishes in a legally binding will.
Upon the service holder's demise, the safe deposit box will be opened in the presence of both the designated beneficiaries, as specified in the will, and a Gibraltar Notary. The Notary will oversee the distribution of items according to the provisions outlined in the will.
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Do you need to notarize the Will?
No, notarization is unnecessary if the Will is signed on G4 premises in the presence of a G4 employee, who attests to the signing.
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However, in all other circumstances, notarisation is essential.
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If the notary is located outside Gibraltar (depending on the respective country), the Will signed before the notary must also bear the Hague Apostille and comply with Gibraltar's legal requirements, as outlined in the standard model provided by G4 when contracting the service.
What should the Will include at a minimum?
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The Will must include the following:
- The service holder's name, surname, nationality, and identification details, along with the same information for each beneficiary of their choosing.
- A comprehensive inventory of assets designated as legacies to beneficiaries, clearly specifying which assets are allocated to each beneficiary.
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No additional information is required.
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Should the Will be in English?
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No, the Will can be written in one of the major European languages: English, German, French, Spanish, Italian, or Portuguese.
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What is the complete process like?
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It's straightforward:
1. The client rents a safe deposit box and contracts this service with G4.
2. The client signs the Will at G4 or at a notary's office.
3. The client places the assets they wish to bequeath to their chosen beneficiaries inside their safe deposit box.
G4 retains the keys to the safe deposit box, as confirmed in the Will.
Following the service holder's passing, the beneficiaries of the legacy should provide the following to G4:
- The deceased's legalized Death Certificate, translated into English if it originates from outside Gibraltar (with the Hague Apostille if applicable).
- Identification (ID or passport).
- A copy of the Will signed by the service holder.
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There are no additional requirements.
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Is this service exclusively for individuals over 74 years of age?
No, this service is available to individuals of all ages at the same price as those below the age of 74, and this pricing applies for the 12-year period.
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What distinguishes bequeathing from inheriting?
In an inheritance, the heir assumes ownership of the testator's assets and debts, inheriting both rights and obligations.
Conversely, in a legacy, the legatee acquires specific assets without assuming responsibility for the deceased's debts or obligations.