Wills & assets outside of the UK
When making a will it is important to consider any assets you own that are outside of the UK. It may be that you can make an English will to cover both UK and non-UK assets, or you may need to have an English will to cover UK assets and a second will made in the country where you have non-UK assets. Partner and wills and estates solicitor, Emma Garfitt, lists some of the things you need to know:
See a solicitor in both countries
If you’re seeing a solicitor in the UK to make a will but own assets in a different country, it’s important to seek legal advice on the validity of your English will from a solicitor in that country. They will be able to advise you as to whether your English will is valid for your foreign assets or whether you need to make a will in that country. You also need to obtain advice on whether that country has any succession laws that will impact your will as some countries have forced rules of heirship.
Beware the revocation clause
It is common for wills to contain a clause revoking all previous wills and it is a key clause contained in a will. However, if you have made a will in a foreign country and are then making a will in England or vice versa, it is important to modify your revocation clause so you do not revoke either will. Therefore, the wills can operate alongside each other without one being cancelled by the other.
Know the difference between moveable and immoveable assets
Immoveable assets are land and buildings. The rules of succession of these assets are governed by the law of the country in which they are situated. Moveable assets are all assets other than land and buildings. The law governing the inheritance of moveable assets is the law of domicile of the deceased at the date of death.
Consider Inheritance Tax
Make sure that you are aware of your inheritance tax position in both England and the country where you own non-UK assets. If you are domiciled in the UK, then inheritance tax is payable on worldwide assets. If you are domiciled abroad then inheritance tax is only payable on your UK assets. You should also check the inheritance tax position in the country where you own non-UK assets.
For more information on will trusts and other will writing services, get in touch with a member of our wills and estates team on 033 3344 9609 or email [email protected].
Author: Emma Garfitt, wills and estates.
