Page 44 - Phonebox Magazine October 2015

Throughout Europe there are families that hold assets in more than one country. The European Commission estimate that around 450,000 cross border successions occur in the EU each year, with a total estimated value of €123 billion. A cross border succession is where someone dies and leaves assets in one country to someone resident in another. A good example is where someone may have a holiday villa in Spain and dies, leaving it to their children in the UK.
In the past, those owning properties abroad have often made a separate Will in that country, as well as having a UK Will. As of 17th August 2015 new legislation came into force designed to simplify succession in these cases, in particular with regard to the choice of which country’s law will cover the inheritance.
The UK, Ireland and Denmark have opted out of the legislation. However, if you are a UK citizen with property, for example, in France, it will now be possible for you to elect for the succession to be dealt with under English law (or Scottish Law if applicable) and
for that to be specified in a UK or overseas Will, thereby avoiding the imposition of local inheritance rules.
This could be a very important right for property owners as the rules differ greatly from one country to the next, with some having automatic inheritance to the children regardless of any wishes stated in your Will.
You should always seek professional legal advice before taken any action on the above.
If you would like to discuss or review your own level of savings for retirement then please call us. Initial meetings are without cost and we are happy to come to see you in the comfort of your own home. See our advert below.
This article does not constitute advice and should not be taken as a recommendation to undertake any course of action mentioned without consulting a relevant professional.
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