What to Do When Leaving Foreign Property in a Will
Nowadays, more and more UK citizens are purchasing properties and homes all around the globe. However, owning international assets has increased the number of probate cases, as well as given individuals more questions regarding their Will.
Unfortunately, leaving foreign property in a Will is not as simple as you may think. At the end of the day, different countries have different laws that have to be abided by when it comes to property and inheritance.
Foreign Property in a UK Will
Homes that have been bought abroad are considered as “immoveable property” which means they are subject to the inheritance laws of the country in which it is situated.
If you have drawn up a valid UK Will which covers your UK assets and has addressed your property abroad, this does not necessarily mean it is valid due to the different inheritance laws in different countries.
If you have drawn up a valid UK Will which covers your UK assets but has not addressed your property abroad, then it will have to pass in accordance with the laws of the country in which it is based.
Do I Need One UK Will or A Will for Each Country?
Your options are as follows: either draw up one Will which covers your different properties, or create separate Wills for each different country you own assets in. There are benefits to both of these:
One UK Will for All Property
Cheaper and Time-Saving
Only drawing up one Will is cheaper than multiple Wills for different countries and, if there are any changes to make later down the line, you only have one Will to alter which will save you time.
Less Risk of Revoke
When multiple Wills are drawn up, there is a higher risk of previous Wills being revoked – When you only have one Will, this risk is eliminated.
A Will for Each Foreign Country with Property
Considering Different Laws
By drawing up a separate Will for each country you have assets in, you can address the different legislative structures accordingly. You will need to make sure that you take legal advice in this country and prepare your Will here too.
Probate Services at Caversham Solicitors
It is always the best option to speak to a solicitor before you make any decisions. They will be able to advise you on the best direction to go down regarding foreign property in your Will. They will also be able to ensure that no Wills are revoked by mistake.