Protecting your Overseas Assets for your Heirs in the Next Generation

The latest figures from the Office of National Statistics suggest that 784,900 British citizens live in the EU, many of whom own property in their country of choice. A frequently neglected but essential consideration is that of making a will that incorporates your foreign assets. Most people intend what remains of their estate when they die to be inherited by their immediate family. However, whilst the intention to make a will is often in the mind, actually doing so may lag behind.

It is particularly important for British nationals who have relocated to Europe to think very carefully about drafting a will that allows them the testimony freedom of the laws of England and Wales as if they die intestate in a European Union country their estate will fall under the laws of succession of the country in which they lived. Our expert inheritance lawyers point out, most countries in the EU have succession laws under forced heirship, meaning that very strict rules on how an estate is divided. The laws of inheritance follow a strict order and only relatives can inherit. An unmarried partner, regardless of how long the relationship lasted, will not be considered at all. 

In France, Italy, Spain and Portugal the spouse, children and other close relatives receive a defined percentage of the estate that cannot be overridden; with children often receiving a greater proportion of the estate than the remaining spouse. 

Our lawyers commented, “In order to avoid being subject to the laws of succession in the country to which you have relocated, it is strongly advised that you commission two wills: one in the country in which you reside, and one stating that your estate is to be dealt with under the laws of succession of England & Wales, in accordance with your English will.” They further pointed out, “This approach will not only provide absolute clarity over how you wish your estate to be divided among your beneficiaries, but will also greatly assist your executors in administering your estate overseas. It removes unnecessary, costly, and time-consuming procedures, allowing your beneficiaries to receive their inheritance much sooner.”

Our inheritance lawyers in all our offices are skilled in managing and sheltering the overseas estates of British nationals in different jurisdictions and have the advantage of not only being multi-jurisdictional but also multi-lingual and can speak to you in your own language as well as providing a cast-iron English will. 

Your will must be kept up-to-date in clear terms so that a former spouse will not be able to benefit due to an oversight whereby they remain a beneficiary inadvertently due to an oversight. Our highly capable lawyers have strategies that prevent an estranged relate mounting a challenge to your will on the basis that they were omitted in error. It is recommended that a token bequest is incorporated in your will to prevent the suggestion of omission.

If you would like to know more about protecting your overseas assets for your heirs contact us at clientservices@giambronelaw.com or click here.