Final Will
#16
BE Enthusiast
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
Re: Final Will
Thanks for your this thoughts on trusts. My limited to understanding regarding UK trusts comes from my UK solicitor who I trust pretty well. Us info is from some guy who setup a trust for my in laws here and I do know nothing about him. I assume he maybe makes more money from setting up a trust and he kept talking about tax advantages in some way as well as the idea it would be harder to contest (for my in laws that is important but for me at this stage it is not relevant)
#17
Re: Final Will
The UK solicitor has brought up a legitimate question about the duties of an executor. It should be noted that it is dangerous to talk about "U.S." practices because estate administration is a province of individual STATES. So, a lawyer in California in referring to "foreign" property may well be talking about New York.
That said, this is tempered by the "full faith and credit" clause of the United States Constitution. That California executor will be entitled to have her "letters" recognized in New York to act on behalf of the decedant's estate. The one exception is for real property -- and then one needs to set up an "ancillary" administration in the state where the real property is located.
So, one question I have is would U.S. "letters" be recognized in the UK for handling property?
Also, a probate includes methods of taking care of debts. So, lets say a California resident dies having debts in the UK. Proper notice of the claims procedure is given the UK creditor, will the UK recognize what is accomplished in California? I don't know.
It might be advisable for the US lawyer and the UK solicitor to cooperate.
That said, this is tempered by the "full faith and credit" clause of the United States Constitution. That California executor will be entitled to have her "letters" recognized in New York to act on behalf of the decedant's estate. The one exception is for real property -- and then one needs to set up an "ancillary" administration in the state where the real property is located.
So, one question I have is would U.S. "letters" be recognized in the UK for handling property?
Also, a probate includes methods of taking care of debts. So, lets say a California resident dies having debts in the UK. Proper notice of the claims procedure is given the UK creditor, will the UK recognize what is accomplished in California? I don't know.
It might be advisable for the US lawyer and the UK solicitor to cooperate.
#18
BE Enthusiast
Joined: Aug 2006
Location: Los Angeles Ca
Posts: 375
Re: Final Will
My UK solicitor advised that I show my UK will to whoever I find to make a will here in the US. Currently it's all very basic and straightforward and the UK will has a very clear clause that states that it only applies to property/assets etc. held in the UK. I would expect my US will to have the same thing (but for the US)
The UK solicitor has brought up a legitimate question about
the duties of an executor. It should be noted that it is dangerous to talk about "U.S." practices because estate administration is a province of individual STATES. So, a lawyer in California in referring to "foreign" property may well be talking about New York.
That said, this is tempered by the "full faith and credit" clause of the United States Constitution. That California executor will be entitled to have her "letters" recognized in New York to act on behalf of the decedant's estate. The one exception is for real property -- and then one needs to set up an "ancillary" administration in the state where the real property is located.
So, one question I have is would U.S. "letters" be recognized in the UK for handling property?
Also, a probate includes methods of taking care of debts. So, lets say a California resident dies having debts in the UK. Proper notice of the claims procedure is given the UK creditor, will the UK recognize what is accomplished in California? I don't know.
It might be advisable for the US lawyer and the UK solicitor to cooperate.
the duties of an executor. It should be noted that it is dangerous to talk about "U.S." practices because estate administration is a province of individual STATES. So, a lawyer in California in referring to "foreign" property may well be talking about New York.
That said, this is tempered by the "full faith and credit" clause of the United States Constitution. That California executor will be entitled to have her "letters" recognized in New York to act on behalf of the decedant's estate. The one exception is for real property -- and then one needs to set up an "ancillary" administration in the state where the real property is located.
So, one question I have is would U.S. "letters" be recognized in the UK for handling property?
Also, a probate includes methods of taking care of debts. So, lets say a California resident dies having debts in the UK. Proper notice of the claims procedure is given the UK creditor, will the UK recognize what is accomplished in California? I don't know.
It might be advisable for the US lawyer and the UK solicitor to cooperate.