Clients that own property in both the UK and abroad are reminded that it may be necessary to make two wills.
With inheritance laws differing from country to country, it is important that a will is in place in all places in which persons own property, to prevent loved ones being short-changed during probate.
Although as a UK resident all international assets are subject to UK inheritance tax, rights to assets differ in different countries.
For example, unless specifically specified otherwise in a French will, all assets kept in the country will be subject to forced heirship, meaning that spouses could be left without rights to property.
Britons are also reminded that when making a will in another country it must relate only to the assets owned in that country, expressly excluding UK property, money and possessions.
If provisions are made in a foreign country for UK assets, British wills may be invalidated.
The same rule must also apply to UK wills - it is important to ensure that when you are making a new Will, that those advising you are aware of any previous advice that you have been given relating to a foreign property.
Our Private Client Team can assist with advice on this type of situation and ensure that problems dont't arise in the future.
Contact us at Burnley on 01282 426251 or Padiham on 01282 778434