Will a UK cover overseas properties?
So, why are wills important in everyone’s life?
Wills are important because of the fact they provide reassurance. It assures the person making the will that the property will go in right hands. It helps in avoiding disputes. Since a will is a written agreement, one gets to know how the property is going to be distributed. A will ensures that your near and dear ones get due share in the property. It ensures that they have a secure future.
Now, since we know the importance of wills, now let’s study what happens if the will is made in the UK and it covers property situated overseas or out of the UK.
The person making the will has to choose an executioner who applies the will. An executioner is a person who deals with the allocation of the property after one’s death. A person can choose as many executors he wants, but he has to choose only four executors according to a grant of probate.
Till recently clients were advised to make separate wills in the country their assets or their property is situated. This primarily because different nations have different succession laws. This is known as Forced Heirs Rules.
However, a new EU succession parameter known as Brussels IV came into observance from the 17th of August 2015. This means this law will be implemented on the wills on all those people who died after 17th August 2015. These new regulations will be adopted by over 25 EU countries.
This means if you hold a property in the EU and you hold a British passport and have a will made in the UK, then the will shall cover properties in the UK.
Is a will in Bodmin necessary if there is property outside the EU?
There are basically two types of property-liquid and fixed. Liquid assets are those which are movable such as cash, money, etc. Fixed assets are those which cannot be moved such as buildings, lands, etc. Now, if you hold a British passport, and property abroad, then you do not need a will to cover those properties. Under such a situation, the inheritance law of the land where the property is situated is applicable.
One may need to make a separate will in the land the property is positioned. One may need to hire a legal advisor of the land that the will in Bodmin is situated in.