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Distinctive Balearic civil-law institutions for family wealth and estate planning.
Balearic civil law retains distinctive institutions of medieval origin that remain fully in force and useful today, especially in family estate planning. Balearic Islands Act 8/2022 of 11 November on voluntary agreed (contractual) succession updates and systematises these instruments.
Succession agreements allow you to plan and organise the succession in advance with great flexibility. They can be combined with wills and other planning instruments. They require careful technical structuring and a detailed tax assessment to ensure maximum legal certainty and efficiency.
Among the most commonly used instruments are the definición, the universal donation, the legitimary settlement agreement, and heir-appointment agreements. Each has its own features and is suited to specific planning needs.
This Act updates the legal framework for succession agreements in the Balearic Islands, introducing technical improvements and adapting it to the current needs of Balearic families.
