In our fifth Life and Estate Planning video, Donna Mahoney discuses what you should bear in mind if you own assets overseas and are considering writing a Will in a different jurisdiction.
Price Bailey is a committed member of IAPA, a global association of independent accountancy and business advisory firms that provide accounting, audit, tax advisory, and business consultancy services.
IAPA comprises of more than 200 member firms with offices in 70 countries. The international reach of our fellow IAPA member firms offers instant access to first-hand knowledge of local regulations, culture and customers.
If you are looking to write an overseas Will please contact us using the form below and we will be able to support you.
“We often say that Wills and all plans should be revised regularly because of legislation changes, the people in your life coming and going, your circumstances changing, your finances changing, and therefore the decisions you are making should change accordingly.”
Donna Mahoney, Senior Manager, Tax team:
“Some of the planning that you might do and the practical things that you want to do will change depending on whether you are in a couple, a widower or even a business owner.
If you have assets overseas, there is an added layer of complication there and more planning perhaps is needed with that.
“We have found that clients have passed away with overseas property, and whilst it is a wonderful gift to leave, children have found it quite burdensome because they do not know where the property is or who is managing it or where the funds are held if it is rented out.
We do suggest if you have overseas assets, that you have a Will written in that jurisdiction too.
Certain countries will have forced heirship, which would trump and Will you have written. So it is important to know if you are writing a Will that it is a valid Will in your associated jurisdiction.”
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.
For more insight, events and webinars, sign up to the Price Bailey mailing list…
We can help
Contact us today to find out more about how we can help you