In our fifth Life and Estate Planning video, Donna Mahoney discuses what you should bear in mind if you own assets overseas and are considering writing a Will in a different jurisdiction.
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Transcript
Interviewer:
"We often say that Wills and all plans should be revised regularly because of legislation changes, the people in your life coming and going, your circumstances changing, your finances changing, and therefore the decisions you are making should change accordingly."
Donna Mahoney, Senior Manager, Tax team:
"Some of the planning that you might do and the practical things that you want to do will change depending on whether you are in a couple, a widower or even a business owner.
If you have assets overseas, there is an added layer of complication there and more planning perhaps is needed with that.
Interviewer:
"We have found that clients have passed away with overseas property, and whilst it is a wonderful gift to leave, children have found it quite burdensome because they do not know where the property is or who is managing it or where the funds are held if it is rented out.
We do suggest if you have overseas assets, that you have a Will written in that jurisdiction too.
Certain countries will have forced heirship, which would trump and Will you have written. So it is important to know if you are writing a Will that it is a valid Will in your associated jurisdiction."
Originally published 07 July 2023
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.