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Will Writing, an Important Part of Expat Financial Planning

Inheritance Tax

If you have a sizeable estate this increases the possibility of it incurring significant inheritance tax, potentially across more than one jurisdiction.

If you have only one Will you need to ask your expat financial adviser whether it adequately addresses the tax issues at the heart of each jurisdiction or whether there is another way to mitigate liability in a way that is in the interests of your heirs and other beneficiaries.

Common or civil law?

The UK is a common law country whereas most others in the EU are civil law jurisdictions. This may have some impact on whether your Will is recognised in all the countries in which your assets are held.

EU Succession Regulation

EU Succession Regulation (EU 650/2012) (“the Regulation”), also known as Brussels IV, was introduced to unify succession laws across EU member states. It allows expats residing in the EU to elect the law of their country of origin rather than that of their country of residence.

This is particularly important in countries such as Spain and Portugal which have ‘forced heirship’ rules in place dictating that on death you must hand on your assets in certain ways—i.e. along traditional bloodlines.

This can help create clarity with regard to cross-border inheritances as it standardises succession law across the EU, reducing costs and reducing the potential for delays and contention during the probate process.

Although the UK opted out of the regulation, UK nationals living in the EU can still opt to have UK succession law apply on death.

Advice from Blacktower Financial Management

Are your assets recognised as “movable”, should you have one Will or more and should you use the EU Succession Regulation to nominate your country of nationality for inheritance and probate?

At Blacktower Financial Management our experts can help you negotiate these important questions and more. As a an expat financial services and wealth management specialist with many years of experience in numerous overseas jurisdictions, we can help you protect and grow your wealth while also working to ensure that your wishes are fully recognised and fulfilled on death. Contact us today for more information.

Other News

Defined Benefit Plan Deficit Raises Questions

Piggy bankA pension transfer is not for everyone and there will be many factors to weigh up before making the decision to transfer from an existing scheme into a QROPS, SIPPs or other structure.

However, a great deal of doubt remains about the long-term viability of the nation’s defined benefit plans, with the high-profile collapse of a number of such schemes leading many to question their reliability and suitability.

And these doubts have only been increased by the recent revelation from Mercer that during 2017/18 the accounting deficit for the defined benefit plans of the UK’s top 350 FTSE organisations increased by 28% to £41 billion, mainly because of a £19 billion drop in asset values (from £766 billion to £747 billion).

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Is time almost up for the 15-year voting rule?

HourglassIf you’re a British expat who has lived outside the UK for at least 15 years, then current legislation denies you the ability to vote in parliamentary elections and referendums.

It’s a policy that, suffice to say, has become very controversial given recent events. Long-term expats already feel that their fate was taken out of their hands when they were denied a vote in the EU referendum and this year’s General Election, which was an election largely based around Brexit.

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