Overseas property and assets |
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Jane Cassell looks at will and probate issues concerning overseas property and assets
In this day and age, more and more people own a villa or apartment abroad, and while this can be a very worthwhile lifestyle choice
and maybe even investment, it can bring with it, its own problems when one dies.
England & Wales
The jurisdiction we are in, that our law relates to, is England & Wales.
Assets which are held in countries outside England & Wales, may require separate advice. It’s important to let your legal adviser dealing with your Will in England, to know of any assets worldwide.
Cancelling Wills
Most Wills in England start with a revocation clause, which means that your last Will is the one you signed last, and it clearly states that you are revoking any other Wills.
It’s very important to inform an adviser of where you have assets, and what your existing Wills say. It is helpful to have a copy of your previous / existing Wills to hand, when taking advice, so that Wills are not revoked by mistake.
Professional help
It’s important to seek good, professional help, particularly when assets outside England & Wales are owned.
How to find the right help?
You may ask your local contacts for suggestions of professionals who are qualified to provide advice about Wills. Be aware that a builder may be incentivised to refer a homeowner to a legal adviser even if Wills / Succession are not that adviser’s speciality.
It may be worthwhile to find out the professional bodies who specialise in Wills, in that jurisdiction. For example, in England one can find a competent adviser by searching the Law Society Find a Solicitor website, or the Institute of Professional Willwriters (IPW) with your postcode. In another jurisdiction, it’s potentially even more important that you take responsibility to find an appropriately qualified adviser who you can communicate with, and who specialises in the area of Wills. Ensure that they are careful not to inadvertently revoke any other Will, whether in England & Wales, or another jurisdiction.
Language problems
When taking advice, it’s really important to understand it, whether that’s because you have an English speaking adviser, or by ensuring that a suitably qualified translator is available when you take advice.
It’s always important that an adviser gets to hear anything you feel may be relevant, and also that the adviser gets to ask anything that he or she feels may be relevant. Wills in England for example, are completely cancelled by marriage, unless written in anticipation of the marriage, and other countries no doubt have their own quirks.
It’s worth mentioning…
It’s worth mentioning that Wills in England naturally start with words along the lines of “I am revoking my previous Wills” and this will include Wills in another country or jurisdiction, unless the wording of the Will deals with this thoroughly. It’s really important to give any adviser a full picture of what’s going on, so that they can provide full and relevant advice.
Generally, it’s best to obtain advice in the jurisdiction where the assets are.
If any change in circumstances occur, keep your Wills under review. Also, if the size or make-up of your estate change considerably, be mindful that it’s sensible to seek legal advice.
September 2012
Disclaimer:
In this day and age, more and more people own a villa or apartment abroad, and while this can be a very worthwhile lifestyle choice
and maybe even investment, it can bring with it, its own problems when one dies.
England & Wales
The jurisdiction we are in, that our law relates to, is England & Wales.
Assets which are held in countries outside England & Wales, may require separate advice. It’s important to let your legal adviser dealing with your Will in England, to know of any assets worldwide.
Cancelling Wills
Most Wills in England start with a revocation clause, which means that your last Will is the one you signed last, and it clearly states that you are revoking any other Wills.
It’s very important to inform an adviser of where you have assets, and what your existing Wills say. It is helpful to have a copy of your previous / existing Wills to hand, when taking advice, so that Wills are not revoked by mistake.
Professional help
It’s important to seek good, professional help, particularly when assets outside England & Wales are owned.
How to find the right help?
You may ask your local contacts for suggestions of professionals who are qualified to provide advice about Wills. Be aware that a builder may be incentivised to refer a homeowner to a legal adviser even if Wills / Succession are not that adviser’s speciality.
It may be worthwhile to find out the professional bodies who specialise in Wills, in that jurisdiction. For example, in England one can find a competent adviser by searching the Law Society Find a Solicitor website, or the Institute of Professional Willwriters (IPW) with your postcode. In another jurisdiction, it’s potentially even more important that you take responsibility to find an appropriately qualified adviser who you can communicate with, and who specialises in the area of Wills. Ensure that they are careful not to inadvertently revoke any other Will, whether in England & Wales, or another jurisdiction.
Language problems
When taking advice, it’s really important to understand it, whether that’s because you have an English speaking adviser, or by ensuring that a suitably qualified translator is available when you take advice.
It’s always important that an adviser gets to hear anything you feel may be relevant, and also that the adviser gets to ask anything that he or she feels may be relevant. Wills in England for example, are completely cancelled by marriage, unless written in anticipation of the marriage, and other countries no doubt have their own quirks.
It’s worth mentioning…
It’s worth mentioning that Wills in England naturally start with words along the lines of “I am revoking my previous Wills” and this will include Wills in another country or jurisdiction, unless the wording of the Will deals with this thoroughly. It’s really important to give any adviser a full picture of what’s going on, so that they can provide full and relevant advice.
Generally, it’s best to obtain advice in the jurisdiction where the assets are.
If any change in circumstances occur, keep your Wills under review. Also, if the size or make-up of your estate change considerably, be mindful that it’s sensible to seek legal advice.
September 2012
Disclaimer: