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Writing a Will is the best way to decide exactly what will happen to your assets after you die. It’s important though to remember that you can determine what happens not just with your assets in the UK, but international assets too.

It is now common for people to own assets in more than one country. Buying overseas property has becoming increasingly popular in recent years, and around 200,000 Britons own property in France alone.  Accounting for these international assets properly when writing a Will is incredibly important, but the process can be rather complicated.

There are cross-border inheritance and tax issues to consider. Britain is unusual in that we have ‘testamentary freedom’ – ie we can decide exactly who inherits our assets.  In the bulk of Europe (and many other nations worldwide) there are more restrictive ‘forced heirship’ rules, which dictate precisely who can inherit and in what shares. Until a few years ago these rules also applied to Britons who own property across Europe, but these restrictions have now been loosened.

The ‘EU Succession Regulations’ were enacted in 2015, give anybody owning property in an EU country that has ratified the Regulations the right to choose the laws of the country that will determine how their foreign assets are dealt with after their death.  This means a Briton owning property in eg France, Spain or Portugal, has the right to choose ‘the laws of England & Wales’ to apply to the distribution of their foreign property, rather than the ‘forced heirship’ laws of the country where the property is situated.

This requires you to draft a separate Will in the relevant EU country where the property is situated, specifically to deal with those foreign assets, stating that ‘the laws of England & Wales’ will take effect.  It has always been preferable to have a separate Will in each country in which you own ‘immovable assets’ – ie land & buildings – in addition to having a main Will in the country in which you live.  This is to simplify and speed up the probate process, which is required in most countries before any assets can be sold or transferred.  It is now more important than ever. 

While having to get Wills drafted in multiple countries can be complicated, it is still preferable to dying without a Will in place covering those assets, in which case your loved ones will have to deal with foreign ‘intestacy’ rules – which can be enormously expensive, stressful and time consuming. Your UK Will should be updated to deal just with your UK assets, and any foreign Will should be drafted to deal purely with the relevant assets in that country – so it does not revoke your UK Will!

The world is getting smaller all the time, so increasing numbers of us own assets in other nations. That makes it even more important that you write comprehensive Wills in each nation, setting out precisely what you want to happen with your assets. No-one wants to think about what happens after they die, but failing to leave a valid Will in all relevant countries could leave your loved ones with enormous stress and complications – and delays in the distribution of your assets, particularly if they are having to deal with foreign assets as well as domestic ones.

Talking to a professional Will Writer is strongly advised so you ensure all your assets, wherever situated, will be dealt with in a timely manner and how you would want them to be. 

Heir Tight Wills helps clients put in place robust provisions and valid documents, to protect their loved ones and their assets both during their lifetime and after their death.  For a FREE Consultation to discuss writing or updating your Will & estate planning provisions, contact Rachael Rodgers on 0845 519 7585, or CONTACT US via email.

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