Last Will and Testament Question
HI all , i have tried a search and nothing came up ,
Just a quick question , i am in process of getting my last will and testament updated before we leave for the USA , will it be valid in the US? or do i need to have one for the US? i am just trying to plan if anything happened to myself that my wife and kids wont have a nightmare with paperwork and lawyers if you have any advice , please let me know Thanks |
Re: Last Will and Testament Question
Likely not valid in the US. Try a local Estate planning attorney or consider: https://www.legalzoom.com/personal/e...page=last-will
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Re: Last Will and Testament Question
Originally Posted by Antihero
(Post 12720812)
Just a quick question , i am in process of getting my last will and testament updated before we leave for the USA , will it be valid in the US? o
You will need to prepare up new will to cover whichever state you will be resident in. |
Re: Last Will and Testament Question
Needs to be state specific. Needs to be updated any time you change state.
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Re: Last Will and Testament Question
My wife and I need to do this also. I plan to do it myself with a free or low cost online form. For most people with an uncomplicated financial situation I see no problem doing it this way. The main thing is to record it at your county courthouse and keep copies where everyone involved can locate upon your death. By going the cheap and easy route it will be easy to amend if necessary in future. |
Re: Last Will and Testament Question
Originally Posted by ddsrph
(Post 12720952)
My wife and I need to do this also. I plan to do it myself with a free or low cost online form. For most people with an uncomplicated financial situation I see no problem doing it this way. The main thing is to record it at your county courthouse and keep copies where everyone involved can locate upon your death. By going the cheap and easy route it will be easy to amend if necessary in future. I would never do this, especially if there is an international element to deal with. As others have said full account has to be taken of state law. |
Re: Last Will and Testament Question
Originally Posted by MidAtlantic
(Post 12720990)
Lawyers make more money from "home made" wills than from those they write in consultation with their clients.
I would never do this, especially if there is an international element to deal with. As others have said full account has to be taken of state law. |
Re: Last Will and Testament Question
DH and I did one recently, but also did a trust, so our assets won't need to go to probate when the time comes, and will avoid that headache for the kids. We did get it all done with an estate lawyer. It did cost us about $2000, but did give us peace of mind that things were put down correctly. |
Re: Last Will and Testament Question
Thanks All , i will try find a local service one i arrive to get some costs.$2000 seems like a lot of money
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Re: Last Will and Testament Question
I’m a T&E lawyer, practicing in NY/FL. Generally speaking, a foreign will that’s validly executed under the laws of the foreign country are valid in the US, barring some unusual public policy exceptions including a complete disinheritance of a spouse. However I would not rely on this for your US assets as there is so much that could be missing. Does your UK will waive any and all requirements for your executor to post bond? If not your estate will be in for a rude awakening when it comes time to probate the will. Does it allow for ancillary probate proceedings in other jurisdictions? Does it take into consideration special rules regarding homestead properties in jurisdictions like Florida? Again, can cause issues depending on the jurisdiction. I despise the online fill in the blank wills and trust forms. The few I’ve seen are awful and would easily lead to litigation if there were any discontent between heirs. And I don’t say this because it takes away business (only a tiny percentage of our revenue is from drafting wills). Look for a local attorney to draw it up. If you’re estate is straightforward then it shouldn’t be too expensive. And as a previous poster mentioned- a trust is very useful. I typically draw one up as part of the estate planning to hold any inheritance that may be destined to q minor. It puts someone in charge that you trust and avoids unnecessary court approvals for distributions. Ok I’ve waffled on enough. |
Re: Last Will and Testament Question
A US "living trust" created during lifetime can be a disaster for anyone who from a UK inheritance tax perspective remains domiciled within the United Kingdom. Creating any such trust can lead to an immediate liability to UK inheritance tax. https://www.boodlehatfield.com/the-f...-living-trust/
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