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Foreign Assets and the preparation of your UK Wills
A large number of UK Residents now own property overseas or
have other assets abroad. Although these foreign assets can
sometimes be dealt with under a UK Will, the process of
actually dealing with them when a person dies can be
complicated. The main reason for this is because the assets
will be subject to the law of the country in which they are
held and this will determine what can be done with those
assets.
It is therefore advisable to have a Will prepared
professionally in the particular country where the assets are
held. The following matters are important when having a
foreign Will prepared for you when you already have a UK Will:
- that your UK Will is not inadvertently revoked
- that the Wills work in conjunction with each other
- specify what assets are to be dealt with in each Will
- what if any current Wills are to be revoked
It is also important to note that if you already have a
foreign Will, but do not have a UK Will, when making a UK Will
it should contain the following clause "I hereby revoke all
Wills and Testamentary dispositions" and where a foreign Will
has been prepared, this clause should be extended to confirm
"except my (foreign) Will and then the date of the foreign
Will".
If you own a foreign property or have substantial assets
abroad, you should bring these to the attention of the
solicitor preparing your UK Will. You may also then be advised
to seek advice from a lawyer in the country where your assets
are held in order to have a foreign Will prepared.
Another point to consider are the rules regarding
Inheritance Tax and foreign assets which can be complex.
However, in general terms, if you are domiciled in the United
Kingdom at the date of your death then all of your assets
(wherever they are located in the world) could be subject to
UK Inheritance Tax. If you are domiciled abroad at the date of
your death, then normally only the assets you own in the UK
will be taxable under the UK tax regime.
If you require any further advice regarding these matters
please do not hesitate to contact Amanda Foster or Leanne
Vance from our Wills and Probate department.
Dated: March 2010
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