Dealing with international assets in estate planning requires special considerations to ensure proper protection, distribution, and compliance with relevant international laws. This is especially important for those owning property, investments, or other assets overseas. At Foye Legal, we help you navigate these complex cross-border issues. In these complex international matters, the right lawyer is everything for achieving the best outcome.
Jurisdictional Laws
Different countries have different rules regarding wills, estates, and inheritance. For example, some jurisdictions enforce forced heirship laws, which may dictate how assets are distributed regardless of your will.
Identify and Value Assets
Changes in your circumstances, tax laws, or international laws may affect your estate plan. Regular reviews are essential.
Dealing with international assets requires navigating complex legal and tax frameworks across multiple jurisdictions. At Foye Legal, our experienced estate planning team can assist you with:
At Foye Legal, we provide expert advice on drafting, updating, and safeguarding your will to ensure it meets all legal requirements and reflects your true intentions. Whether you’re creating a new will, revising an existing one, or dealing with a contested will, our team is here to guide you through every step of the process.
Seeking legal assistance early gives you control over your situation, helping you avoid complications and manage costs effectively. This guide provides practical tips, checklists, and key insights to help you confidently navigate legal processes to secure the best possible outcome.
Your first consultation is vital in safeguarding your interests and laying the foundation for the best possible outcome. At Foye Legal, we value the trust you place in us and are committed to providing clarity, strategy and unwavering support from day one.
Not necessarily. While an Australian Will can be drafted to cover worldwide assets, its effectiveness in dealing with overseas assets depends on the laws of the country where those assets are located. Some countries may not recognise foreign wills, or they may have different inheritance laws (like “forced heirship” rules) that could override your Australian Will. Real estate located overseas is almost always governed by the laws of that specific country.
Administering an estate with international assets can be complex and costly. This can involve:
Differing Legal Systems: Navigating the laws and regulations of each country where assets are located.
Jurisdictional Issues: Determining which country’s laws apply to which assets.
Probate Processes: Potentially needing to obtain probate (or its equivalent) in each relevant country, which can be time-consuming and expensive.
Tax Implications: Dealing with inheritance or estate taxes in multiple jurisdictions, and understanding any double taxation agreements.
Currency Fluctuations: Managing assets held in different currencies.
Logistical Challenges: Accessing and managing assets held by foreign institutions.
Several strategies can be considered:
“Worldwide” Will: Drafting your Australian Will to cover all assets in Australia and overseas. However, it’s crucial to get advice in each relevant country to ensure it will be recognised and effective.
Separate Wills (Concurrent Wills): Creating a separate Will for the assets located in each country, drafted per the laws of that jurisdiction. These Wills must be carefully coordinated with your Australian Will to avoid conflicts or unintended revocation.
International Will: Australia is a signatory to the Convention Providing a Uniform Law on the Form of an International Will. If your assets are in another signatory country, an “international will” might simplify things, but it’s essential to ensure it meets all requirements.
Consider the Asset Type: Moveable assets (like bank accounts and shares) are often governed by your domicile. In contrast, the law of their location usually governs non-moveable assets (like real estate).
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3/1 MEMORIAL DRIVE SHELLHARBOUR CITY NSW 2529
LEVEL 3, 63 MARKET STREET WOLLONGONG NSW 2500
contact us to make an appointment
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