Making a will
 

Hi,

I've been told that I should make a will. I've got some savings in the UK as well as a house (and mortgage). Here in Oz I've got savings.

Do I need to make a separate will for the UK and Australia or will one suffice to cover both countries?

Cheers.

Re: Making a will
 

Yes, because A UK will will not cover any assets in another country.

Re: Making a will
 

Generally, I think the legal experts are going to say that you should have a will in each country - it's what they told me anyway. The logic is that you can then address any tax issues separately and with best effect. It's probably easier for any executors also - handling property issues in two jurisdictions could get a little complicated.

Cheers

Re: Making a will
 

With respect - is that your opinion or is it a fact?

As far as I am aware, most common law jurisdictions recognise each other's wills.

Re: Making a will
 

It was what we were told by our solicitor. Have no reason to think he was lying or was wrong. Why would he tell us to take out a new one when we arrived if we didn't need to :confused:

Re: Making a will
 

As it happens, we have just got back from remaking our wills!

We took our old - UK - ones in, and the solicitor said that they *were* valid in Australia, which is what I had thought. However, since the addresses etc were all wrong we decided to make new ones anyway. We don't have any assets in the UK any more, which might alter things I suppose.

If you *do* have assets in both countries, you will have to be quite explicit as to which will relates to which assets if you have two will - you can imagine the complications if say the Oz one said "I leave all my real estate to XXX" and you'd kept a rental property in the UK - and your UK will only mentioned that all your estate was to go to YYY !

Then again, does the phrase "I hereby revoke all other wills & testaments" on an Oz will actually revoke a legal UK one......

Re: Making a will
 

I think you will find that both wills are valid - having two wills is just a preferred posiiton from a practical/tax position. The will later in time will override the earlier one to the extent they are in conflict. A phrase indicating you revoke all earlier wills will effect all other wills regardless of jurisdiction unless you make a specific exemption. However, you don't want even the smell of an inconsistency - this usually means legal expenses and a drain on the estate.

Re: Making a will
 

A solicitor here will do wills for under $200. Well thats what we paid. I would imagine it would be essential if you've emigrated, surely your circumstances would have changed, not just financial, but your children, custody? in matters of the unthinkable.

No idea about holding 2 wills, but that sounds to me like an invite for massive solicitors bills to sort it all out, and feuding relatives :eek: .

While on practical subjects the marrige break up rate is 1 in 3, (was just reported it now almost 1 in 2) marriages end in divorce in OZ and yes UK too . Thats a subject that needs serious discussion as well, some very nasty scenes out here when one expats going home and the others staying put, especially when kids are involved.

Re: Making a will
 

Our's were $100 + GST each today - but then your cabbages are more expensive too!

Re: Making a will
 

I think it's a matter of assessing the risk. If you have virtually no property left in the UK you can try and cover everything in a "standard" Australian will - however if you've got a house (+life insurance?) or other reasonable assets left then I think the old ode about "an ounce of prevention" applies to lawyers as well.

You're quite right about family law issues - and if you worry about legal bills in relation to an estate winding up, the long running cross-jurisdiction custody battles, with all the emotional agony they entail for everyone, are frightening!

Re: Making a will
 

It's important to make a will in Aus to cover UK assets as well. Aus does not have death duties/inheritance tax so it is to everyone's advantage, even if beneficiaries are in the UK. A UK will could lead to ambiguities if not revoked by an Aussie one.

Re: Making a will
 

I don't imagine that a will would have any effect on taxation! If it did everyone in the Uk would go to the Bahamas to write the will and be free of UK tax!

Re: Making a will
 

It's all part of establishing residency for tax purposes. It's not automatic on emigrating. You only have to go as far the Isle of Man to do it.