Many clients now have assets in more than one jurisdiction. Even a bank account in the Isle of Man or the Channel Islands needs to be taken into account when planning your will or administering your estate.
If you have assets abroad as well as in the UK then we can discuss with you the appropriate structure for your estate planning.
You may not be aware of the forced heirship provisions in certain European jurisdictions and we can assist you in considering how these may affect your wishes on your death.
There may also be taxation issues to take into account and we can explain how this will work for you and whether you are able to benefit from any Double Taxation Treaties with the UK.
We are experienced in handling the affairs of both UK resident and/or domiciled individuals with assets abroad and also non-UK resident and/or domiciled individuals with assets in the UK.
As a non-domiciled person, you may already be aware of the implications of “deemed domicile” for IHT and we are happy to discuss this with you so that you can consider your options.
There are also Inheritance Tax (IHT) implications to take into account where you and your spouse or civil partner have different domiciles.
Many of our clients find “domicile” an awkward concept and it is not understood in a number of jurisdictions. Particularly where clients have lived or worked abroad for many years, or may have been brought up in another jurisdiction and subsequently moved to the UK, we are able to help pick the way through the complexities of residence and domicile to assist in the structure of your estate planning.