Estate Planning When You Own Property in Other Nations

Estate planning is the procedure of determining how to treat property upon an individual’s death. This procedure is typically made complex if a person has property in various states or nations.

Supplementary Probate

Secondary probate emerges when numerous probate proceedings take place throughout numerous jurisdictions. This becomes necessary when a person owns property in a various state or country than where she or he passed away. When an individual dies, the real estate 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 remains in another jurisdiction, a foreign lawyer may advise a person to make multiple wills for various jurisdictions. Nevertheless, if this path is taken, it should be done so thoroughly since a will might cause another one to be revoked. Rather than having this effort foiled, an individual may wish to employ 2 different legal representatives in the different jurisdictions to work together. Alternatively, an additional will may cover the property that is just in a various jurisdiction. This may work as a codicil to the first will. Each will ought to describe the other will without using any language to revoke the sustainability of either will. If neither will talks about the foreign property, this might be considered part of the residuary estate and might be dealt with 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 gotten rid of. If there are 2 wills that are concurrent, the different nations may have various outcomes when it concerns laws of intestacy.

United States Wills and Acknowledgment

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

International Wills

Another method that individuals who might have numerous jurisdictions included in their probate proceedings approach the issue is by utilizing a global will. International wills are usually required to only address a single person, to be in writing, experienced by 2 people, 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 concerning the inability of the testator to sign to be kept in mind in the will. Frequently, a licensed person might require to sign a certificate that is connected to the will, attesting that the requirements for the drafting and execution of the internal will have been satisfied.

Simplifying Steps

There might be methods to streamline the process of dealing with possessions in multiple 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.