Estate Planning

Estate Planning When You Own Property in Other Countries

Estate planning is the procedure of figuring out how to deal with property upon an individual’s death. This procedure is often complicated if a person has property in different states or countries.

Secondary Probate

Secondary ProbateSecondary probate occurs when several probate proceedings happen throughout multiple jurisdictions. This ends up being required when a person owns property in a different state or country than where she or he died. When a person passes away, the real estate and other property that is physically in a state is under the jurisdiction of that state.

Multiple Wills

 Multiple WillsIn order to protect the property that is in another jurisdiction, a foreign legal representative may recommend an individual to make numerous wills for different jurisdictions. Nevertheless, if this path is taken, it should be done so thoroughly since a will may cause another one to be revoked. Instead of having this effort foiled, an individual might want to hire 2 different lawyers in the different jurisdictions to interact. Additionally, an extra will might cover the property that is only in a various jurisdiction. This might act as a codicil to the very first will. Each will should describe the other will without utilizing any language to withdraw the sustainability of either will. If neither will discusses the foreign property, this may be considered part of the residuary estate and might be gotten rid of according to that specific arrangement. If there is not any conversation of the residue of the estate, the laws of intestacy will dictate how the property is disposed of. If there are two wills that are concurrent, the various countries may have different outcomes when it concerns laws of intestacy.

United States Wills and Acknowledgment

 United States Wills and AcknowledgmentSome countries recognize wills that are drafted in accordance with the laws of the United States. For an American will to be thought about legitimate in another nation, it should generally be valid under the laws of the foreign nation. Not all countries are willing to accept the credibility of American wills or will just do so under specific circumstances.

International Wills

 International WillsAnother method that people who may have several jurisdictions involved in their probate proceedings approach the issue is by using a worldwide will. International wills are normally required to just address one person, to be in composing, witnessed 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 regarding the inability 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

 Simplifying StepsThere might be ways to streamline the procedure of managing properties in numerous jurisdictions. One method may be to put properties in a living trust, utilizing a recipient deed or including an owner with joint survivorship rights to the property.