The Will Registry Office
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A World Lifetime Service
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INTERNATIONAL WILLS Where a person has property or other assets in several different countries, it is now possible to make one will and have it administered in any country that is party to the agreement. It does not matter where the will was drawn up, where the assets exist or what the nationality or residency of the person making the will. There are, however, certain minimum requirements which are as follows:
As this is a comparatively recent innovation it may be helpful to know that you can now register this type of will with The Will Registry Office to help ensure that your affairs are settled quickly. Further information about this type of will can be obtained from the Foreign Office or, if abroad, the British Embassy or Consulate. If you are living in a country that do not allow an International will to be made, then you will need two wills - one for any assets in Britain and one covering their property and savings where you live.
It's important to remember that matters can become complicated when the foreign element is introduced. People often have assets in different countries and go and live in different places. They tend to make wills with foreign lawyers, especially if they buy foreign property. Sometimes the foreign lawyer starts off their new will by saying "I revoke all previous wills" and after its completed, the client duly signs it, blissfully ignorant of the fact that they have cancelled there previous will or wills dealing with all there other assets outside that country.
This misfortune seems to have befallen a number of British expatriates who yearned for the sunnier climates. The most popular places being Spain and France. For some people, they probably hoped to save a lot of UK tax by acquiring a new foreign domicile of choice there. Many have carefully structured their affairs to put their assets in offshore accounts so that there would be no Inheritance Tax or, other duties payable on their death, but they may not have always received the best advice.
Complications can make it all the more difficult to decide how to proceed when a new will is being considered, therefore, it is important to ensure that you and your various legal advisors, tax advisers and trustees are fully aware of the implications for the future ownership of assets. A formal structure of Family Governance to preserve and control business and other assets for future generations may well have to be indicated. There should also be an appreciation of the effect of changes in domicile, the renoi rules relating to conflicts of foreign laws and the rules relating to the legal situs of assets, which may or may not be regarded as foreign depending on the circumstances of the particular case, or individual. There are also important implications for estate taxation in the country of domicile and for determining which beneficiaries are going to inherit the assets of the estate.
Even carefully prepared wills can be misplaced, lost or placed in an obscure location, this could be a real problem if it is not found after the testator has died. By registering and depositing your wills with The Will Registry Office you can be confident that it will be safe and secure and your executers, family or friends will know where to look. REMEMBER, ONCE YOU HAVE DIED, YOU WILL NOT BE AROUND TO TELL PEOPLE WHERE EVERYTHING IS, OR WHAT SPECIAL INSTRUCTIONS YOU WANT CARRIED OUT.
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Copyright © The Will Registry Office 2004. All rights reserved. This page was last modified on 28 January, 2005
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