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Overseas Property Wills
Wills play an important role in everybody’s life. This is because they provide a type of reassurance. The person making the will is assured that his estate will go to the right person. The will is a written agreement and makes an individual aware that how the property is going to be distributed.
A will makes sure that the people near to you get their due share in your property. A will ensures that the future of your near and dear ones is safeguarded.
Let’s do a quick swot up on overseas property wills. Well, what is an overseas property will?
Overseas property will refers to a will which is made in a particular country and covers property located in another country. An executioner has to be chosen by the person making the will. An executioner is an individual who is the one dealing with the property of the deceased.
There can be as many executors as one wants, but according to the grant of probate, there has to be only four executors.
Until a few years ago, clients were asked to create a separate will in the nation their assets were situated. The basic reason for this was that different countries have different succession rules.
The name of these set of rules is ‘Forced Heir Rules’.
From 17th of August, 2015, a new parameter set up by EU known as Brussels IV came into adherence. This means that this rule will be regulated on people who expire following 17th August 2015. These rules will be abided by in 25 EU countries.
Do you have a property abroard?
All this summarizes to the fact that if you hold a property in EU and possess a British passport, then the will apply to properties in the UK.
Assets are basically distinguished as two-liquid and fixed. The movable asset such as cash, money etc. are counted as liquid and the immovable ones such as land, building etc. are counted as the fixed assets. Let’s take an example.
Suppose you hold a British passport and have property abroad, then no will is needed to cover those assets. During such situations, the inheritance law of the country where the property is located is applied.
In such a scenario one may need to make a detached will in the country the estate or the property is situated. One needs to hire a legal advisor of the country the property is situated in.