subject: I Will You My Sunshine [print this page] If you're looking for your dream holiday home in the sun, there are lots of things to think about. In the excitement of making plans and organising things, have you thought about who will inherit the home after you're gone?
If you've already made a Will, are you aware that your new foreign property will not be treated in the same way as your home in England or Wales? The law of the land will apply and it won't always be passed on in the way you would have wished.
Of course, we all know it makes sense to leave a Will, to ensure that your wishes are carried out on your death, but when you own property abroad it's necessary to have one drawn up in that country too. Legal systems abroad have very different rules and regulations when it comes to whom you can pass your assets to.
One of the most important points is that it's really essential that your English Will and you foreign one don't revoke each other. Somewhere in the clauses will be the statement "I revoke all former Wills made by me to the extent that they relate to my estate in England and Wales but not further" and "This will shall take effect according to the laws of England and Wales". There will be similar clauses in your foreign Will. Both Wills should be carefully drawn up by a professional to ensure that there are no mistakes and make certain that they are legal and can be acted upon on your death, with no undue delay and with the certainty that your affairs are in order. Your Wills should be kept together, in a safe place and your next of kin should be aware of this. When it comes to the taxing of your assets after your death, it's usual for them to be applied in accordance with the law of your domicile.
Do make certain that you have professional advice whenever there are complicated details, such as property abroad. We would never advise do-it-yourself Wills for anything as potentially important as this. In actual fact, (even if your affairs appear quite straightforward), although it's perfectly legal to draw up your own Will, it's not something to be undertaken lightly and there's no need to spend a fortune on having one professionally drawn up. There are a number of Will-Writing specialists who are totally up to date on all aspects of inheritance. They're easily found on-line and will offer straightforward and easily understood advice.
They'll need full details of all your assets - your home and any other property. Bank accounts, shares and pension plans etc., your other assets - cars, caravans, jewellery, even items of little monetary value but with sentimental value. This will come to an approximate value of your estate. You then need to consider who you'd like to inherit the estate. You'll be able to talk through the details and ask for advice, but if you're armed with the details as outlined above, that's a starting point. If you don't leave a Will, you can't assume that your spouse will inherit everything. If there are children and the estate is over a certain amount, then a portion will go to them. If you're not married to your partner, they could get nothing at all, even if you fully intended to hand everything to them. The laws of intestacy are complicated and all this can be avoided by making a Will. It's really worthwhile.
