Estate Planning When You Own Property in Other Countries

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

Secondary Probate

Ancillary probate arises when several probate proceedings happen across numerous jurisdictions. This becomes needed when a person owns property in a various state or nation than where she or he passed away. When an individual passes away, 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 legal representative may advise a person to make numerous wills for different jurisdictions. However, if this path is taken, it should be done so thoroughly because a will might cause another one to be revoked. Rather than having this effort foiled, a person may wish to employ 2 different lawyers in the different jurisdictions to work together. Alternatively, an additional will might cover the property that is just in a different jurisdiction. This may act as a codicil to the first will. Each will need to describe the other will without using any language to withdraw the sustainability of either will. If neither will goes over the foreign property, this may be thought about part of the residuary estate and might be disposed of according to that particular provision. If there is not any conversation of the residue of the estate, the laws of intestacy will determine how the property is dealt with. If there are two wills that are concurrent, the various countries might have different results 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. For an American will to be considered valid in another country, it should usually be valid under the laws of the foreign nation. Nevertheless, not all countries want to accept the validity of American wills or will only do so under particular circumstances.

International Wills

Another method that people who might have several jurisdictions associated with their probate procedures approach the issue is by utilizing an international will. International wills are usually needed to just address a single person, to be in composing, experienced by 2 individuals, 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 factor relating to the failure of the testator to sign to be kept in mind in the will. Often, a licensed individual may require 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 may be methods to streamline the process of managing assets in multiple jurisdictions. One method might be to put properties in a living trust, utilizing a beneficiary deed or including an owner with joint survivorship rights to the property.