If you own assets abroad, such as a holiday home or a bank account in another country, then particular care needs to be taken when making your Will. The laws in those countries relating to inheritance, property ownership and tax may be very different to the laws in the UK and it is vital that you understand the impact of these.
For example, many countries have a system of forced heirship, whereby certain family members are entitled to inherit certain percentages of your estate notwithstanding the terms of any Will you have in place.
You can have a Will written to deal with all your worldwide assets but this may cause problems after your death. The Will may not be recognised by the country in question. The law of that country may not permit your assets to be inherited, as set out in your Will. The terms of your Will might cause delay and additional expense in administering your estate and/or an unintended or unnecessary tax bill.
At Nelsons, our advice is usually that you have a foreign Will drawn up by a foreign lawyer in place to deal with your foreign property, and a UK Will written by a UK lawyer in place to deal with your estate here.