For English nationals residing in Monaco, drafting a will related to Monaco-located assets subject to Monegasque law may prove essential, as this process can fundamentally speed up the liquidation of assets located in Monaco and more specifically bank accounts.
Indeed, it is common that English nationals residing in Monaco already made arrangements for their assets under English law. However, if English law is applied to the estate of a Monaco resident, the latter will have to engage in a probate procedure. The English Monaco resident will need to obtain the probate in order to allow the notary to proceed with the distribution of the assets.
Therefore, if movable and/or immovable assets are located in Monaco, it may be beneficial for their distribution not to be governed by English law but by Monegasque law instead. The primary advantage of such a provision is to enable the notary to quickly distribute the Monaco-located assets.
In conclusion, drawing up a will in Monaco for a resident of English nationality is an advantageous solution to ensure a quicker and smoother liquidation of Monegasque assets.
However, it is necessary to contact a lawyer to ensure that the drawn up will is limited to Monaco-located assets and does not conflict other wills made abroad.
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.