Charitable Bequest
Along the 30-years history of our institution, we have counted on many people who have helped us to build the School with their bequests. Thanks to their valuable contributions, we have achieved the financial stability that allows us to carry out medium and long-term projects. This achievement has placed the School as an international reference centre in the cultural and educational field, thus fulfilling our two main objectives: training young musicians and bringing music closer to society.
Every year, the School hosts 150 students from more than 30 countries who benefit from free tuition. These talented young musicians share their music with the audience through more than 300 concerts, consolidating our commitment to artistic development and the bond between music and society.
What is a charitable bequest?
It is a way of contributing with your inheritance to society and, in this particular case, to culture and education. You can share your bequest with the Albéniz Foundation by naming it as heir in part or universally. The donated goods can be an economic amount, as well as properties or any other asset. In addition, your bequest can take many forms: the School can distribute it according to its needs or you can choose a specific purpose.
You may find more details in this informative brochure.
If you agree with our mission and want to contribute to culture in an extraordinary way with your bequest, we will help you to do so by escorting you through all the steps. Do not hesitate to contact us and we will help you make your dream come true.
If you prefer, fill out this form and we will get in touch with you:
Frequently Asked Questions about the Charitable Bequest
Here you can find the most frequently asked questions we receive regarding legal and administrative matters. Please bear in mind that these are set out in accordance with Spanish Inheritance Law.
What is a will?
It is the written statement of a person's willingness by which he or she arranges the disposition of his or her assets and obligations.
What is an inheritance? How is it divided?
The inheritance is the total of assets, rights and obligations that remain after the death of a person. In the event that there are forced heirs, it is divided into three equal parts.
Forced heirship: it is equivalent to the third part of the inheritance, which corresponds to the forced heirs, children, and descendants, if there are none, parents and ascendants, and the widow or widower. It is divided equally.
Third of improvement: the testator must allocate this part to the forced heirs, although not necessarily in equal parts.
The third of free disposal: the testator can decide with absolute freedom its allocation to a relative, a third party or a legal person.
If there are no forced heirs,the testator may freely decide on the totality of his or her estate in his or her will.
Why is important to leave a will?
It is a simple, inexpensive, and always revocable procedure. It can be very useful, as it allows you to plan for the future, protect your loved ones, transmit your values and guarantee the fulfilment of your will. It also enables you to decide to which persons or organisations you want to pass on your estate or part of it. It facilitates the distribution of your assets, reducing the administrative procedures that must be carried out when there are no wills and the expenses derived from these.
What is a charitable bequest?
It is a form of disposition of assets in which a person assigns a part of his or her estate, goods, or rights to a natural or legal person. It must be expressly stated in the will and cannot prejudice the legitimate rights of the forced heirs, if there are any.
How much can I bequeath?
The only legal limitation is to respect the legitimate rights of the forced heirs.
What type of assets can I bequeath to the Albéniz Foundation?
You can either bequeath a fixed amount of money or establish a percentage of the total value of your estate. It is also possible to make in-kind donations (real estate, works of art, etc.) or any other asset.
How much does it cost to make a will?
Regardless of the value of the estate or assets passed on, most wills executed before a notary usually cost between 40 and 60 euros.
I have already written my will. Do I have to do it again to include the Albéniz Foundation?
No, you only need to contact your notary to have your will amended. You can modify your will at any time, and you can do it as many times as you want. The last will granted is the one that will have legal value.
Who will be in charge of the notification and transfer of my bequest to the Albéniz Foundation ?
It is recommended to include the figure of the executor, who will be in charge of distributing the inheritance according to the testator’s will. In case this figure does not exist, the heirs will be responsible for notifying and transferring the charitable bequest. On the other hand, the notary who has authorised the will is obliged to notify the non-profit entities that appear in it, at the moment he or she learns of the testator's passing away.
In any case, if you decide to include the Albéniz Foundation in your will, we recommend that you let us know.
What will my contribution be used for?
We will assign your bequest to the purpose with which you identify the most. Your bequest can take many forms. The Albéniz Foundation can distribute it according to its needs or you can choose a specific purpose which corresponds to the purposes and activities carried out by the institution.
If at any time I change my mind, will I be able to modify the charitable bequest?
Yes, you can modify your will as many times as you want. The most recent one will be considered valid.
Does the Albéniz Foundation pay taxes for the bequests received?
The assets and rights that you grant to the Albéniz Foundation will not be affected by taxes, since, being a non-profit organisation, it is not subject to Inheritance Tax or Corporate Income Tax.
Who shall I contact in Fundación Albéniz to make a charitable bequest?
You may contact June Alzola, Head of Individual Donors, at +34 913 511 060 or send her an email to donaciones@escuelareinasofia.es.