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Issue:
4911
/
Categories:
Comment & Analysis
, Germany
, Inheritance Tax Manual
, Switzerland
, wills
, Inheritance Tax
, International
Foreign inheritance
A surprising number of UK resident or domiciled individuals have assets in foreign jurisdictions that include holiday homes foreign investments or bank accounts. In many cases no thought is given to the process of how these assets will be passed on or it is just assumed that a UK will is sufficient to do the job. This can lead to headaches on death at a time when there is nothing that can be done to rectify the position.
Common problems
Key problem areas for clients with international assets include:
- having wills in different jurisdictions that inadequately deal with the distribution of all assets or alternatively only having a UK will;
- having assets situated in countries where ‘forced heirship’ rules apply; and
- the interaction of double tax treaties.
Wills
It is important for individuals to have a will that caters for the distribution of all assets including...
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