When it comes to estate planning, many people assume that creating a Will should be a straightforward and inexpensive process. After all, a Will is just a document that states who should inherit your belongings after you pass away, right? So why does it often come with a higher price tag than expected?
In this collection of legal blogs, we present a series of case studies that reveal how often people's situations are more complex than they realise and how we helped them navigate these complexities to create tailored Wills to suit their needs.
Case Study 3 – Michael
Michael, an expatriate living in the United Kingdom, approached us to draft a Will. He had properties and investments not only in the United Kingdom but also in his home country, Spain.
Michael assumed he could simply include his foreign assets in his UK Will.
The Complexity
When dealing with assets in multiple countries, estate planning becomes significantly more complicated. Different countries have varying laws regarding inheritance, taxes, and the recognition of foreign wills. Michael’s situation required careful consideration of the legal systems to ensure that his assets would be distributed according to his wishes without running into legal hurdles or double taxation.
The Solution
We discussed Michael’s varying options surrounding his foreign assets with him and involved his Spanish attorney to create a comprehensive estate plan. This involved them drafting a separate will for Michael's Spanish assets, specifically tailored to Spanish inheritance laws, while ensuring it did not conflict with or invalidate his UK Will. By addressing the legal requirements in both countries, we minimised the risk of complications and tax liabilities, ensuring Michael’s estate would be handled smoothly in both jurisdictions.
Conclusion
This case study highlights that while a Will might seem like a simple document, individual circumstances often require more nuanced solutions. Creating a tailored Will ensures that all aspects of your life and legacy are thoughtfully and effectively managed. Investing in expert legal advice may come with a higher cost, but it provides invaluable peace of mind and prevents future complications for your loved ones.
Contact us
If you or a friend/family member are looking to prepare a Will , and would like to make an appointment to see one of our lawyers, please contact our enquiries team by email at privateclient@baker-law.co.uk or telephone 01252 733 770 and ask to speak to the Private Client team about Wills. We will be happy to provide details of our fees and procedure and arrange an appointment to meet to take instructions.
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