Inheritance and foreign assets
How inheritance laws abroad can affect you.
Having a valid Will in place is the only way that you can ensure your assets are passed on according to your wishes. This is particularly the case if you own property or other significant assets abroad, where different inheritance rules may apply.
UK laws state that when we die, we can leave our estate to whoever we choose – and omit those we do not wish to benefit. However, this freedom is unfortunately rather uncommon in comparison to Europe and beyond. Outside the UK, ‘forced heirship’ rules can dictate who is entitled to inherit someone’s estate, and in what proportions – regardless of their Will.
It is therefore very important to check how assets you hold abroad will be passed on after you die.
The EU has recently introduced a rule which makes it possible to apply the law of an individual’s nationality when it comes to the succession of overseas property. For example, if you own property in France (or any other participating EU state), you can stipulate whether you want French or British laws to govern how your French estate is allocated.
So, if you have assets outside the UK, you should ensure that you take appropriate succession and Will writing advice. Many common problems can be anticipated through careful estate planning, which will ensure that the probate process is as straightforward as possible for your loved ones.
Whether you have assets abroad or not, BMA Law can help to make the preparation of your Will easy and stress free. Our service is flexible and our fees are always fixed and upfront.