Getting a will
#1
Getting a will
The inheritance tax thread has given me some food for thought.
My first and only will was drawn up when I was 23 with my assets being divided between my then partner and some family members. I have since married and acquired further assets but have not drawn up a new will. Will my assets automatically go to my husband? Now that I live in the UAE (but still have assets in the UK), can I have a will drawn up here which will protect any assets here and in the UK AND be properly recognised in the UK courts of law?
With regards to my original will, I have asked my former solicitor to destroy it, but I think the firm has dissolved. No one else has a copy of that will. Is it also correct that once you marry that all former wills become null and void?
My first and only will was drawn up when I was 23 with my assets being divided between my then partner and some family members. I have since married and acquired further assets but have not drawn up a new will. Will my assets automatically go to my husband? Now that I live in the UAE (but still have assets in the UK), can I have a will drawn up here which will protect any assets here and in the UK AND be properly recognised in the UK courts of law?
With regards to my original will, I have asked my former solicitor to destroy it, but I think the firm has dissolved. No one else has a copy of that will. Is it also correct that once you marry that all former wills become null and void?
Last edited by Miss Eck; Apr 6th 2007 at 9:20 am. Reason: Typos!!
#2
Forum Regular
Joined: Apr 2007
Posts: 58
Re: Getting a will
I am firm believer in getting the advice of a suitably qualified and experienced UK based solicitor. The fact that you have assets in the UK even though you are non resident means that your country of domicile is still the UK (the matter of domicle is the overiding factor here and its relevence cannot be overstated enough) . The value of your estate for IHT purposes is the sum total of your worldwide assets !, thus including the UK and abroad. The fact that you do have a will in existence even though it is obviously out of date may superficially complicate matters- though I suspect it may be irelevent now. I think that you need to get in contact with a UK solicitor as soon as feasible to get matters moving. A good will can cost from between £300 to £2,000 depending upon requirements etc. Good luck.
#6
Re: Getting a will
Yes, that's right.
This is a short, but helful checklist, but please use a UK solicitor
http://www.ipw.org.uk/professional/d...DENRULESPR.pdf
#7
Re: Getting a will
Yes, that's right.
This is a short, but helful checklist, but please use a UK solicitor
http://www.ipw.org.uk/professional/d...DENRULESPR.pdf
This is a short, but helful checklist, but please use a UK solicitor
http://www.ipw.org.uk/professional/d...DENRULESPR.pdf
#8
Re: Getting a will
You need a will for each country that you have assets in because laws of that country govern the stuff and all that.
And marriage will void any previous will unless you had a stipulation for marriage...but any new will you have written will void any previous will written....last will and testament and all that gubins.
And marriage will void any previous will unless you had a stipulation for marriage...but any new will you have written will void any previous will written....last will and testament and all that gubins.
#9
Re: Getting a will
You need a will for each country that you have assets in because laws of that country govern the stuff and all that.
And marriage will void any previous will unless you had a stipulation for marriage...but any new will you have written will void any previous will written....last will and testament and all that gubins.
And marriage will void any previous will unless you had a stipulation for marriage...but any new will you have written will void any previous will written....last will and testament and all that gubins.
#10
Forum Regular
Joined: Apr 2007
Posts: 58
Re: Getting a will
A will for each country each fine, and is a must in some situations e.g. were someone say works abroad and is thus non resident in the UK for tax purposes, and has a property in Spain (Spanish law really requires you to have a will in that situation, to ensure that the property is passed down through the family (if applicable) to minimise or avoid spanish inheritance tax). The fact that your country of domicile is in the UK really means that this is the most important location to have your will up to date.
Under no cirumstances deal with anyone but a solicitor who has a sound understanding of uptodate legislation. Even then make a point of reviewing your will every couple of years as legislation does move on. As a sound example I am currently dealing with some funds put in trust five years ago and the trust may as well have been written on the back of a stamp re its legal standing today.
Under no cirumstances deal with anyone but a solicitor who has a sound understanding of uptodate legislation. Even then make a point of reviewing your will every couple of years as legislation does move on. As a sound example I am currently dealing with some funds put in trust five years ago and the trust may as well have been written on the back of a stamp re its legal standing today.
#11
Re: Getting a will
A will for each country each fine, and is a must in some situations e.g. were someone say works abroad and is thus non resident in the UK for tax purposes, and has a property in Spain (Spanish law really requires you to have a will in that situation, to ensure that the property is passed down through the family (if applicable) to minimise or avoid spanish inheritance tax). The fact that your country of domicile is in the UK really means that this is the most important location to have your will up to date.
Under no cirumstances deal with anyone but a solicitor who has a sound understanding of uptodate legislation. Even then make a point of reviewing your will every couple of years as legislation does move on. As a sound example I am currently dealing with some funds put in trust five years ago and the trust may as well have been written on the back of a stamp re its legal standing today.
Under no cirumstances deal with anyone but a solicitor who has a sound understanding of uptodate legislation. Even then make a point of reviewing your will every couple of years as legislation does move on. As a sound example I am currently dealing with some funds put in trust five years ago and the trust may as well have been written on the back of a stamp re its legal standing today.