Increasingly relatives like to move around taking your inheritance with them especially overseas. If they die overseas the law of that country could leave your inheritance to someone less deserving.
In the past, assets were divided up into the movable and immovable. If you managed to take an asset with you to another country and die it was subject to the law of that country. This proved inconvenient in the case of jewellery (e.g. tiaras), bank accounts, shares, cash, and the many other things that could be stuffed in the overhead lockers in contravention of the cabin baggage restrictions.
Now, it depends on your domicile i.e. where you reside and intend to remain. This is easy to state but can be difficult to apply, especially, if there is a lot of money riding on it. Also, some countries apply a different test e.g. nationality being where you are established.
Even with a valid will trying to convince a bank in a distant land to release money can be difficult and expensive. I don’t just mean France.
This is where the new-fangled International Will comes in. Not only does it sound cool but it will be recognised in other countries.
It differs from a standard will by having three witnesses one being a lawyer who will issue a certificate. Three witnesses may seem over the top, but a will signing with only the usual two witnesses can lack a sense of occasion. Hence the success of our “Executing your will? Hire a Hall” promotion.
Not all countries have agreed to recognise the International Will. Therefore, rich relatives should only go to approved countries. Watch out for cruises.
© Paul.Brennan 2014. All rights reserved.
Click here if you need to speak to a lawyer dealing with Will Disputes
Click here for legal books and eBooks by Paul Brennan
