Protect your assets (UK and Abroad)
Friday 15th May 2015
It's becoming more common for people to have assets outside of England and Wales these days, such as a holiday home or investments.
As more people have additional assets that may be outside of England and Wales, it becomes increasingly valuable to be aware of what needs to be done to protect all of your estate for when you die.
England and Wales
It is important to be aware that Wills prepared in England and Wales are usually only able to deal with assets within these two countries. There is the possibility that immovable property such as a house may not be able to be dealt with in accordance with the provisions in your English and Welsh Will.
This needs to be taken into consideration when dealing with foreign assets as if it is immovable and located in a foreign jurisdiction, but you are deemed to be domiciled in England, it is necessary to make sure the English and Welsh Will defines this clearly.
Domicile can be difficult to be sure about and it is only possible to have one place of domicile, so it is advisable to seek assistance with this.
More than one Will?
There may be the need to have two Wills or more to be sure that all your assets are dealt with as you would wish and if this is possible.
If this is necessary, there is the need to ensure that Wills do not revoke each other as a later Will would usually revoke any previous Wills so this needs to be taken into account if more than one Will is required.
This would require the wording of the revocation clause to be correctly written to prevent issues with this.
Understanding foreign assets
During the process of buying the property abroad, it is possible that the agent or a solicitor would have advised you about making a Will to deal with this new asset as that country's law is likely to deal with the property's disposal and not all countries have the same principle of 'testamentary freedom' as England and Wales does.
Making it easier for you
Firstly, one needs to consult with a qualified person that is authorised to compile this type of legal document. Qwill Writing Services are available to assist you. You will be asked questions about the trusted people you know, your relationship with them, and their suitability in respect various criteria that will help making sure the correct person is appointed as executors.
The process will be carefully explained along with the legal implications and a cost of doing such work. If the go-ahead is given a document will be compiled and one will be consulted regarding all steps along the way. When the draft is approved, it will be legally executed. If you are ready to have your Will drafted simply use this link to take you to our on-line page to Make Your Will Online.