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62 Advertising feature


LEGAL CORNER Probate and overseas assets


B


orn in Greece and educated in France and Germany before coming to the UK, at his death in April of this year Prince Philip reportedly left a multi-million-pound estate which includes assets overseas. The administration of those assets and, therefore, his estate is likely to take several years to conclude. ‘Overseas assets add a further level of complication to estate planning and administration,’ says Karen Miller, a solicitor at Wollens in the wills and probate team. ‘Foreign assets can often go undiscovered until long after an individual’s death and once uncovered they often result in delays and additional costs, including the potential for those assets to be taxed in more than one jurisdiction.’


Domicile Domicile is the first thing to be considered to determine which assets pass according to which jurisdiction’s laws. If there is any uncertainty, whatsoever, about the domicile of the deceased person, you should seek advice on the issue. Evidence may be required to prove domicile and we can help guide you through this process.


Practical considerations The administration of overseas assets is dependent on the lifetime planning that an individual has undertaken.


A person can specify within their will whether it should apply to all their assets worldwide, or whether the will should only apply to assets held in England and Wales. However, even if a will has been made in England which stipulates that it is to apply to all worldwide assets, some jurisdictions will not allow this.


Resealing Where assets are held both in England and Wales and overseas, it may be necessary to reseal a grant. Resealing is the process by which an overseas grant becomes valid in England and Wales. It could be that an overseas grant needs to be resealed in England


and Wales, or vice versa. To deal with this, you should seek advice from solicitors in all relevant jurisdictions. Our solicitors are experienced in liaising with experts from overseas and can deal with these liaisons on your behalf.


Tax considerations UK inheritance tax may be due on both the English assets and the overseas assets. In addition, equivalent succession taxes could fall due in the foreign jurisdiction(s) where assets are held.


Preventing unnecessary problems Seeking advice during your lifetime in respect of your will and inheritance tax liabilities is the best way to ensure that the estate administration process runs as smoothly as possible when the time comes.


It is vital that all worldwide assets are dealt with as part of any estate administration. If you are an executor, you should seek professional advice about your duties and obligations. If you are an individual with overseas assets, forward lifetime planning will make the estate administration easier for your executors.


Our solicitors can advise you on the implications of overseas assets and the process for dealing with this. We can also draft the documents for you to ensure that all your wishes are clear and legally binding.


For further information, please contact Karen Miller in the wills and probate team on 01271 342268 or email karen.miller@wollens.co.uk


www.wollens.co.uk 01803 213251 AT HARBOURSIDE, 67 THE TERRACE, TORQUAY, DEVON TQ1 1DP EMAIL - INFOWOLLENS.CO.UK


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