- People are moving around the world more these days and investing in assets around the world. Consideration has to be made to whether a person is domiciled outside England and Wales or holds assets situated outside, and special consideration must be given to their will making.
- Depending upon where the assets are held, it is possible for them to be dealt with under a number of different laws and it may be difficult to determine the correct law to apply to the particular asset.
1) Taxation
- This subject is complicated and impossible to cover in this section, but brief General comments are outlined below.
- Upon death, foreign tax or duty may be payable in addition to Inheritance Tax.
- When making your will, it is advisable to consult an expert who will take into account your exact requirements and ensure that a will or wills are drafted to cover all your assets.
2) Domicile
- Until the age of 16, a person takes the domicile from the father unless illegitimate and then the mother’s domicile is assumed.
- It is not sufficient to merely live in the chosen country to assume domicile there. The courts may require the person to show the intention to permanently reside in that country to evidence the domicile.
- A person’s original domicile will not be lost but merely held until the chose domicile is given up. It is possible for a person to choose a new domicile and not revert to domicile of origin.
3) Will Coverage
- The practitioner assisting you to make your will can help you to decide which of the assets will be covered and, indeed, which specified law applies to the will and assets.
- If foreign assets are held and/or the person is domiciled outside England and Wales, multiple wills may be required to deal with the full estate of the person. Therefore it is very important that advice is taken from practitioners qualified in the relevant laws.
- When more than one will is being written, the practitioners must be advised to ensure no will revokes another. It would be useful to show the practitioners copies of the existing wills.
4) Community of Property
- Some Countries have a 'community of property' regime, which restricts the way in which you may deal with your estate and the powers you have.
- This illustrates the necessity of seeking the advice of a suitably qualified practitioner, ensuring compliance of the law, and that your estate is dealt with according to your wishes within the law of that country.
Beneficiaries
Codicils
Registered charity number
Executors
Gifts of Land
Inheritance tax
Marital/Civil Partnership Status
Restricted Legacies
Pecuniary vs Residue
Value of a legacy
Wills and Witnesses