Being an expat in a foreign country might complicate inheritance arrangements due to variations in overseas laws. It\u2019s important that you fully understand the laws of succession in the country that you currently reside and also the country that your benefactor resided in prior to their death if this differs from your own. Getting to grips with the laws in these cases will allow you to avoid any unforeseen challenges or obstacles when it comes to collecting your inheritance.<\/p>\n\n\n\n
For example, in certain countries it is a law that people must assign a percentage of their wealth and assets to their next of kin. This law may override any specific wishes in the Will, regardless of circumstance or reason for the benefactor to wish for this to not be the case.<\/p>\n\n\n\n
However, in this situation, it may be possible for the person writing the Will to state the percentage of wealth that the next of kin is entitled to. In the case that you don\u2019t wish your next of kin to receive any of your assets after you pass, you may be able to state a lower percentage and reasonings for this.<\/p>\n\n\n\n
If you have bank accounts, stocks, funds, property or other possessions in a country other than where you are currently residing (whether or not it is your country of residency or domicile), you should prepare a Will which includes all of these assets. The Will should be written to reflect the laws in the country where you hold the assets, even if that isn\u2019t the country where you currently reside. Writing a Will wholly using the laws where you currently reside to distribute overseas assets could lead to your wealth and property being seized by the state if your wishes aren\u2019t compatible with the overseas law.<\/p>\n\n\n\n
When it comes to writing your Will, you should set aside a specific section for each country where you own assets. This helps to ensure that each asset is legally passed to a beneficiary in keeping with the laws in that country and will avoid confusion later when your Will is read. As this part of the process can be confusing, it\u2019s a good idea to consult a solicitor who specialises in asset division and succession plans to ensure your wishes will be met in accordance with the law and to gain that peace of mind that you\u2019re leaving your loved ones with something of value.<\/p>\n\n\n