In the tragic event of an expatriate dying overseas, the impact of their death may be compounded if there is no Will in place.
This is because the countries where the expat has assets will attempt to impose their own laws on the portion of the estate within their jurisdiction. These laws often conflict with the rules laid out under the home country law of the expat. As a result, the winding up of the estate takes longer, is less certain and more expensive. In addition to causing further distress to family members.
Expats have more options available to them than those who only have assets in their home country. Taking account of the laws in both jurisdictions when preparing a Will or other testamentary document is essential. Therefore, the UK Government sponsored website Money Advice Service, recommends expats obtain professional advice when preparing their Wills.
Wills should also be regularly reviewed to take account of changes in your circumstances as well as changes in tax and legislation.
If you would like to review your Will or find out how to prepare one, please drop us a line and we’ll put you in contact with a highly rated firm who can help you.