Making a Will when assets in more than one country are involved can be a daunting task
Generally, it is much more cost effective, time saving and practical to have a single Will for all international assets. Here are some of the benefits of making one Will.
- Some jurisdictions, mostly civil law jurisdictions, have a concept known as ‘forced heirship’ which means that a person must leave their estate to certain specified heirs. A single Will may serve to avoid those restrictions and allow the estate to be handled as the testator would wish.
- EU Succession Regulation (Brussels IV) stating that a European who has assets situated in most EU nations can elect for the law of their nationality to apply to the succession to their assets in that jurisdiction. They may be able to use this provision to deal with the succession of those assets.
- Updating one Will is much easier than updating several
- Having multiple Wills does risk one of them revoking the others
- Moveable and immoveable assets can be dealt with effectively in one Will, if the other country/ies allow for it.
- Under the Hague Convention, many countries recognise foreign Wills.
- A single Will is much easier for your executor to deal with, on your death.
If you have assets overseas, a single Will may be the right solution for you. Because the circumstances and wishes of testators differ so much, professional advice should always be sought.
For free advice to help you make the right decisions, please contact us
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