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Estate Planning When You Own Property in Other Countries

Estate planning is the procedure of figuring out how to deal with property upon an individual’s death. This procedure is typically made complex if an individual has property in various states or nations.

Supplementary Probate

Ancillary probate develops when several probate proceedings occur throughout multiple jurisdictions. This becomes necessary when a person owns property in a various state or country than where he or she died. When an individual dies, the property and other property that is physically in a state is under the jurisdiction of that state.

Several Wills

In order to protect the property that is in another jurisdiction, a foreign lawyer may encourage a person to make several wills for various jurisdictions. If this route is taken, it needs to be done so carefully because a will may trigger another one to be withdrawed. Instead of having this effort foiled, an individual may wish to work with 2 various lawyers in the different jurisdictions to work together. Additionally, an additional will may cover the property that is just in a different jurisdiction. This may serve as a codicil to the first will. Each will need to refer to the other will without using any language to withdraw the sustainability of either will. If neither will discusses the foreign property, this might be thought about part of the residuary estate and may be disposed of according to that particular provision. If there is not any discussion of the residue of the estate, the laws of intestacy will dictate how the property is dealt with. If there are 2 wills that are concurrent, the various nations may have different outcomes when it concerns laws of intestacy.

United States Wills and Recognition

Some nations recognize wills that are prepared in accordance with the laws of the United States. For an American will to be thought about valid in another nation, it should generally be valid under the laws of the foreign country. Not all nations are willing to accept the credibility of American wills or will only do so under specific circumstances.

International Wills

Another way that people who might have multiple jurisdictions included in their probate proceedings approach the concern is by using an international will. International wills are typically required to only deal with one person, to be in writing, experienced by 2 people, have the testator’s and the witnesses’ signatures at the end of the will, have numbered pages, have the testator’s signature on each page and any reason relating to the failure of the testator to sign to be noted in the will. Typically, an authorized individual may need to sign a certificate that is connected to the will, confirming that the requirements for the drafting and execution of the internal will have been satisfied.

Simplifying Steps

There might be ways to simplify the process of handling properties in numerous jurisdictions. One method might be to put assets in a living trust, using a recipient deed or including an owner with joint survivorship rights to the possession.