I have assets Asia and Australia. Do I need a Will in each jurisdiction?
Owning assets in different countries is a common factor in the lives of many Australians. It can be a legacy from migrant parents as well as a reflection on the increasing international lifestyle options available as travel becomes easier and less expensive to access.
If you own assets in different countries you need to be aware that this can cause issues with your Estate if it is not dealt with properly in your Will.
This is because your assets in Australia, will be dealt with under Australian legal principles, while your assets in Asia may (depending on the local law) be dealt with under the applicable law of the country, where the assets are held. This applicable law may be quite different to Australian law in terms of beneficiary entitlements, family provision claims and how the asset is dealt with, in the event you die without a valid Will.
Another factor to take into account is that, some of your overseas assets, depending on whether they consist of real estate, shares, or cash deposits, may be dealt with under Australian law if that is your place of residence at the time of your death.
It may seem to be over the top but the answer to your question is Yes – you do need a Will in each jurisdiction in which you own assets.
Having a Will in each jurisdiction means that you will not place your beneficiaries in a situation where, it is unclear which jurisdiction applies to which asset you own. Our expert Wills and Estate Lawyers at Sydney Wills Lawyers, can assist you in drafting your Australian Will and determining which assets can be dealt with under Australian Law. We can also assist you in making sure that your Will in Asia, is drafted by a competent lawyer who deals with assets that come under the local laws of that jurisdiction, as well as ensuring that you are aware of any differences in the law between each jurisdiction. One common example is where Australian law recognises de facto partners, whilst another jurisdiction doesn’t.
To ensure your beneficiaries are protected and will inherit the assets that you wish them to inherit, you need to seek expert legal advice on the best way to dispose of your assets in each of the jurisdictions that you own them.
Get the best legal advice about your assets and how to draft your will. Take time to talk to the experts at Sydney Wills Lawyers. Offering expertise in all areas of Estate litigation and Wills and Estates.
Call today on 9221 2779 – offices close to public transport and conveniently located in Sydney CBD.