We now live in a global society and it is certainly not uncommon for individuals to own assets in foreign countries. These assets may be stocks, shares, or real and personal property.
You might own assets in a foreign country. There’s many reasons why you would – you could be an investor looking to maximise your leverage. You could be a migrant and have some residue property interests in your home country. Regardless of your reasons, an important matter to consider is how these may be affected when you pass away.
If you are drafting a Will to deal with your assets when you pass away, you should take into account the following considerations:
- What kind of assets do I have and can they a type of asset that I can dispose of in my Will?
- What are the Will-making requirements of the foreign country?
- Will the foreign country accept a Will drafted in another country?
- Are there any conflicts of laws between the foreign country and Australia?
- What can I do to prevent any conflicts of laws?
Fortunately New South Wales is a jurisdiction that recognises foreign Wills as valid so long as the foreign Will is also considered valid in the country of it’s origin. Despite this, that doesn’t change the fact that this is tricky business. If you own assets in a foreign jurisdiction and you intend to draft or update your Will, you must consider these matters carefully.
We can help out with these matters and should you need assistance with these complex questions, please do not hesitate to contact us using the quick contact form on this blog.