Protect your Foreign Bequests, leave a Will not a Muddle

We live in an ever reducing global environment where “abroad” is no longer an unknown fantasy; more than ever before individuals are acquiring assets overseas, often in different parts of the world.   Also, marriages are crossing borders creating families with shared assets in other countries.  This can be a great benefit by allowing the family assets to gain a degree of protection in that the fluctuations of the markets are spread across several economies and regimes.

Problems can arise when the question of inheritance has to be faced. It is not unknown for executors to be unaware of all the assets, some of which are often not discovered until the individual has died. Unless international affairs are kept in good order the simplest of things, such as closing a foreign bank account can prove to be problematic and hold up procedures as well as adding to the costs.  The importance of well-maintained conduct and updating with regard to overseas assets and the disposal thereof cannot be over-emphasised, particularly in respect of the eventual administration of your estate. 

The laws of succession can be very different from country to country and given the significant differences between the way an estate can be disposed of, it is important to be crystal clear to avoid confusion or worst still a challenge to the way your estate is divided.  An English worldwide will should be drafted which can include real estate and moveable assets abroad but consideration must be given as to whether the English will is recognised by the foreign jurisdiction, trusts, in particular, come under scrutiny; even if the English will is recognised some foreign institutions are ultra-cautious and will require a great deal of supporting evidence before allowing any assets to change hands.  An important asset such as a holiday home may be disposed of according to the strict laws of succession in the country in which the asset exists.  This could lead to a relative receiving far less than you had intended which could, in some cases lead to problems even hardship.  Not to mention the potential to cause conflict within a family.

Meticulous planning, with consideration given to every possible eventuality, must be undertaken to ensure that not only are your assets protected but that they are available to the people you intend to receive them when the time comes.  This will almost certainly necessitate being advised by lawyers conversant with the inheritance laws in the country or countries in which your assets reside.  Giambrone has offices in Spain, Italy, Germany and Tunisia and can advise in a wide number of jurisdictions; dealing with one firm where the lawyers can advise each other internally is an advantage, both in costs and in interpreting the clarity of your intentions.  It may be that the best course of action is to draft more than one will to satisfy different jurisdictions to ensure that your wishes are adhered to.

Once the terms of the will have been drafted to your satisfaction you will then have to turn your attention to your choice of executors and guardians, which is not always an easy task.  Many people appoint their professional advisors to avoid any contention within the family, also it can be easier for a third party un-associated with the family to administer and deal with the terms of the will. 

The one thing you will really want to avoid is not making any kind of will.  Should a person die intestate the time and money expended to simply administer the estate, not to mention that your entire assets will be disposed of in accordance with the laws of succession relating to each country

For more information about disposing of your foreign assets in a will please click here