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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.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

FCA Publishes Retirement Transfer Data

There are few, if any, financial decisions as important as deciding what to do with your pension. Nowadays there are so many choices, but the factors that influence the path you choose are complex and should only ever be undertaken in full knowledge of the various options available as well as their many implications.

For example, significant numbers of UK citizens abroad are likely to benefit from an expat retirement transfer, but converting a defined benefit (DB) scheme into a QROPS or SIPP should never be undertaken without reliable and impartial advice that takes full account of the retirement saver’s circumstances.

Unfortunately, it can be difficult to find an expat financial adviser who understands all the regulatory and cross-border wealth planning issues at stake.

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Could Spain be heading for its own EU referendum?

Red PencilThe process of Brexit is a complicated business. It’s been a year since Britons voted to leave the European Union. But how has Britain’s controversial decision and its handling of the situation thus far affected other EU countries’ views of the Brussels-based Union? Has the uncertainty faced by the British Government convinced others to stay put, or do they wish to follow suit and have a Frexit, Spexit, Grexit, etc.?

A recent poll by Pew Research Centre gathered opinions from almost 10,000 people from 10 European countries including France, the Netherlands, Spain, Germany, Poland, Sweden, Italy, Greece, Hungary and UK. The purpose of the survey was to find out the attitudes towards Brexit and the EU from across Europe. It questioned respondents on topics such as would they want a referendum of their own and whether they think Brexit is positive or negative for Britain and other member countries.

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