Increasingly we are seeing clients who own assets situated abroad, be that a holiday home, bank accounts with a foreign bank or even shares in an overseas company. We are also seeing more and more people who have a foreign citizenship but who are permanently living and owning assets in the UK.
Lastly, if you decide to put a Will in place in the UK as well as a foreign Will in a different jurisdiction, it is important that your legal advisers in the UK and abroad work together to ensure that the Wills are consistent with each other. We have seen situations where the foreign Will has revoked the English Will by mistake or vice versa. Equally, to avoid ambiguity and confusion, each Will should clearly set out its remit – for example, the English Will should apply only to assets based in the UK and the foreign Will to the assets situated in that jurisdiction.
If you are resident in the UK and own assets abroad or if you have foreign citizenship and own assets in the UK, it is important that you take advice on making a Will and consider your tax position carefully. To find out more and discuss your own personal requirements, don't hesitate to get in touch with the team.