Legal
Once you have bought your overseas property it is a good idea to consider how this affects your family’s future assets and therefore your Will. A good legal firm with a specialist International Property Department will guide you. Here are answers to some frequently asked questions on overseas property and Wills.
Do I need a Will?
It is not essential, although it is usually a good idea to have one.
Is an English Will Valid?
A valid English Will is accepted in most major European Countries. However, should its terms conflict with the prevailing laws of the foreign country, it may only have a partial effect.
Solicitors with expertise in UK and foreign property law should be able to draft a suitable codicil and advise on any restrictions and inheritance tax implications under the laws of both countries.
Do I need a foreign Will?
Again, it is not essential. If you are resident in the foreign jurisdiction it is often advisable but otherwise a suitably drawn UK Codicil may be adequate.
A Will drafted by a lawyer in the same country as your foreign property can ensure that you have a valid foreign Will that respects the relevant foreign law but it may not take account of the law of your country of domicile. It is vital that the lawyer understands your instructions and that you understand what you are signing. Keep a copy or the original and place it with your English Will.
Warning:
a foreign Will may inadvertently revoke your existing English Will (as can a change in your marital status). Similarly, the foreign Will could be accidentally revoked by a later English Will.
Intestacy (no Will)
If you die without a valid Will, the intestacy laws of the country of your domicile will apply to your worldwide estate. Foreign intestacy may be quite different from the intestacy rules that govern the rest of your estate.
REMEMBER:
Seek expert advice on inheritance and tax implications of a foreign purchase, especially if you have children, are registered civil partners, or have an unmarried partner. Inheritance tax in France can be as high as 60%!
Review your Wills with your advisors, especially if your financial or family circumstances change. Wills can easily be inadvertently revoked, undoing all the careful planning that you thought you had under control.
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