Administering an estate which involves a cross-border element can raise complicated questions of which law applies to the inheritance of assets, the validity of the Will (if any), the foreign and UK tax treatment of the estate, how you obtain control over the foreign assets and how you ultimately transfer or sell them in due course.
If a friend or family member has died and they owned assets overseas, you will need to consider the following:
English law differentiates between “moveable” and “immoveable” assets. “Moveable assets” means more than just personal items that you can actually physically move – it includes bank accounts, shares and other assets of this nature.
“Immoveable assets” means real estate, land and property. If you own an immoveable asset which is situated overseas, the law of that jurisdiction may apply to the inheritance of that asset.
As you will appreciate, administering an estate where there is a foreign element can be tricky and more complicated than initially anticipated. It is important that you take advice at the early stages of the estate administration, preferably from a solicitor who has experience of dealing with cross-border estates.