Estate Planning When You Own Property in Other Countries

Estate planning is the process of determining how to treat property upon an individual’s death. This procedure is frequently complicated if a person has property in different states or countries.

Secondary Probate

Ancillary probate develops when multiple probate procedures occur across multiple jurisdictions. This ends up being necessary when a person owns property in a different state or nation than where he or she died. When a person passes away, the property and other property that is physically in a state is under the jurisdiction of that state.

Numerous Wills

In order to secure the property that is in another jurisdiction, a foreign lawyer might advise an individual to make numerous wills for various jurisdictions. Nevertheless, if this path is taken, it should be done so thoroughly due to the fact that a will may cause another one to be revoked. Instead of having this attempt foiled, a person may want to work with two different legal representatives in the various jurisdictions to interact. Alternatively, a supplemental will may cover the property that is only in a different jurisdiction. This may function as a codicil to the first will. Each will must refer to the other will without using any language to revoke the sustainability of either will. If neither will discusses the foreign property, this might be considered part of the residuary estate and may be gotten rid of according to that particular provision. If there is not any conversation of the residue of the estate, the laws of intestacy will determine how the property is gotten rid of. If there are 2 wills that are concurrent, the different countries may have various outcomes when it concerns laws of intestacy.

United States Wills and Recognition

Some countries acknowledge wills that are prepared in accordance with the laws of the United States. Nevertheless, for an American will to be considered legitimate in another country, it needs to usually stand under the laws of the foreign nation. Nevertheless, not all nations are willing to accept the validity of American wills or will just do so under specific circumstances.

International Wills

Another way that individuals who may have several jurisdictions associated with their probate procedures approach the issue is by utilizing an international will. International wills are normally needed to just attend to a single person, to be in composing, experienced by two individuals, have the testator’s and the witnesses’ signatures at the end of the will, have actually numbered pages, have the testator’s signature on each page and any reason regarding the inability of the testator to sign to be kept in mind in the will. Frequently, a licensed person may need to sign a certificate that is attached to the will, testifying that the requirements for the preparing and execution of the internal will have been pleased.

Simplifying Steps

There may be ways to streamline the process of managing properties in several jurisdictions. One method might be to put assets in a living trust, using a beneficiary deed or adding an owner with joint survivorship rights to the possession.