PROMOTION Protecting overseas assets Megan Diamond of Forbes Solicitors specialises in Wills, Trusts and Estate Planning and is a specialist Notary Public provision goes beyond just residence and requires a close and stable connection and actual physical smodern society outlines the ownership of assets of the couples on death or divorce. The regime takes effect before the assets diversifies, it is becoming increasingly common to encounter clients who devolve in accordance with the Will residence for some time. This is usually the country where the person lives or spends the majority have assets overseas. Clients may and determine what falls into the have properties abroad, holiday homes, bank accounts, shares or deceased's estate. Another aspect which has to be considered is your domicile; of their time. As well as factoring in domicile, there is also the position of tax. If you are treated as domiciled in the UK, even business assets overseas. When asked if they have wills which reflect their current assets onshore and offshore, I am often met with "Tdon't have a Wil", "My family know whatl want to happen" or "Won't my English Wl cover the whole world?". Firstly, it is always best to have a Will in place as it will outline how you want your estate to be distributed, rather than relying on the Law. If you die without a Will (known as intestacy) this can cause significant and costly problems, which in broad termsis where your permanent home is, or have a substantial connection with you will pay inheritance tax on your Unfortunately, domicile is not assets worldwide, even if those assets straightforward to determine, and you can only have one domicile at any time. In some cases, domicile can stem back to your domicile of origin; if your parents were married, then it is your father's domicile, if are overseas. In some instances, this can result in tax being paid twice (ie. in the UK and overseas). You can create a Will which covers assets all over the world, part of the world, or just UK assets. If your your parents were unmarried then it is your mothers' domicile. If there Will just covers UK assets or certain countries, it is best practice to have a Will drawn up in the countries which is no satisfactory evidence that your domicile has changed, then your domicile of origin applies. There is also a domicile of choice, this comprises of two elements; actual residence in the country and the intention to reside permanently: and domicile of dependence, this means especially if you have assets overseas. have not been incladed. This will Depending on what the assets are, whether they are immovable (such as property and buildings) or moveable (such as cash and chattels) would depend on which country's law would govern suchasset. Equally, if the asset is in a Civil Law Jurisdiction (such as Italy, Scotland, France and Spain) they typically have forced heirship rules, which means that your estate has to be distributed to certain relations in specific ratios. prevent the complicated procedure of determining the governing law, domicile, residence and taxation. To sum up, if your estate has UK and overseas assets, it is advisable that you have a Will in place. If you die without a Will, you will die that children have the same domicile as their relevant parent until the age of 16, their domicile will change with intestate and as outlined above, it can become rather messy to deal with an international estate, the relevant parents, if the parents domicile changes. If you have international assets and would ike to discuss succession planning. There is also the matter of habitual residence which is used in EU please contact Mogon Damond on megan.diamondeforbessolicitors.co.uk or contact 01772 220022. There is also the matter of a countries as part of EU Regulations which governs all EU countries, matrimonial property regime; except UK, Ireland and Denmark. This aspect is relevant for those with assets in EU countries. This this is a binding contract between Together forbes marriage (usually in civil spor we are law jurisdiction countries) which forbessolicitors. Ofices in Accrington, Blackbum, Central Lancashire, Chorley. Leeds, Manchester and Preston www.forbessolicitors.co.uk PROMOTION Protecting overseas assets Megan Diamond of Forbes Solicitors specialises in Wills, Trusts and Estate Planning and is a specialist Notary Public provision goes beyond just residence and requires a close and stable connection and actual physical smodern society outlines the ownership of assets of the couples on death or divorce. The regime takes effect before the assets diversifies, it is becoming increasingly common to encounter clients who devolve in accordance with the Will residence for some time. This is usually the country where the person lives or spends the majority have assets overseas. Clients may and determine what falls into the have properties abroad, holiday homes, bank accounts, shares or deceased's estate. Another aspect which has to be considered is your domicile; of their time. As well as factoring in domicile, there is also the position of tax. If you are treated as domiciled in the UK, even business assets overseas. When asked if they have wills which reflect their current assets onshore and offshore, I am often met with "Tdon't have a Wil", "My family know whatl want to happen" or "Won't my English Wl cover the whole world?". Firstly, it is always best to have a Will in place as it will outline how you want your estate to be distributed, rather than relying on the Law. If you die without a Will (known as intestacy) this can cause significant and costly problems, which in broad termsis where your permanent home is, or have a substantial connection with you will pay inheritance tax on your Unfortunately, domicile is not assets worldwide, even if those assets straightforward to determine, and you can only have one domicile at any time. In some cases, domicile can stem back to your domicile of origin; if your parents were married, then it is your father's domicile, if are overseas. In some instances, this can result in tax being paid twice (ie. in the UK and overseas). You can create a Will which covers assets all over the world, part of the world, or just UK assets. If your your parents were unmarried then it is your mothers' domicile. If there Will just covers UK assets or certain countries, it is best practice to have a Will drawn up in the countries which is no satisfactory evidence that your domicile has changed, then your domicile of origin applies. There is also a domicile of choice, this comprises of two elements; actual residence in the country and the intention to reside permanently: and domicile of dependence, this means especially if you have assets overseas. have not been incladed. This will Depending on what the assets are, whether they are immovable (such as property and buildings) or moveable (such as cash and chattels) would depend on which country's law would govern suchasset. Equally, if the asset is in a Civil Law Jurisdiction (such as Italy, Scotland, France and Spain) they typically have forced heirship rules, which means that your estate has to be distributed to certain relations in specific ratios. prevent the complicated procedure of determining the governing law, domicile, residence and taxation. To sum up, if your estate has UK and overseas assets, it is advisable that you have a Will in place. If you die without a Will, you will die that children have the same domicile as their relevant parent until the age of 16, their domicile will change with intestate and as outlined above, it can become rather messy to deal with an international estate, the relevant parents, if the parents domicile changes. If you have international assets and would ike to discuss succession planning. There is also the matter of habitual residence which is used in EU please contact Mogon Damond on megan.diamondeforbessolicitors.co.uk or contact 01772 220022. There is also the matter of a countries as part of EU Regulations which governs all EU countries, matrimonial property regime; except UK, Ireland and Denmark. This aspect is relevant for those with assets in EU countries. This this is a binding contract between Together forbes marriage (usually in civil spor we are law jurisdiction countries) which forbessolicitors. Ofices in Accrington, Blackbum, Central Lancashire, Chorley. Leeds, Manchester and Preston www.forbessolicitors.co.uk