Last Will and Testament Question
#1
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Joined: Jan 2019
Posts: 55
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
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
#2
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
#3
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Joined: Mar 2017
Location: Austin, TX
Posts: 455
Re: Last Will and Testament Question
You will need to prepare up new will to cover whichever state you will be resident in.
#4
Re: Last Will and Testament Question
Needs to be state specific. Needs to be updated any time you change state.
#5
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Location: Near Lynchburg Tennessee, home of Jack Daniels
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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.
#6
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Joined: Aug 2013
Location: Athens GA
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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.
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.
#7
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Location: Near Lynchburg Tennessee, home of Jack Daniels
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Re: Last Will and Testament Question
My wife and I are both born in US. We have no children or any type of business. Both of us are retired.
#8
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Joined: Feb 2004
Location: Midlands - MA - CO-CA
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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.
#9
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Joined: Jan 2019
Posts: 55
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
#10
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Joined: Oct 2005
Posts: 134
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.
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.
#11
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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/