Making a will...
#1
Making a will...
We currently have no will and looking to make one. We are L visa holders (applying for GC) and all beneficiaries would be UK based.
We'll talk to a lawyer but does anyone know if we need a UK will as well as a US one? Are they very different or should one hold up in either country? This is to cater for guardianship of kids as well as money.
Just not sure whether to contact a UK or a US lawyer first. Any tips or experience appreciated.
Thanks,
Doug.
We'll talk to a lawyer but does anyone know if we need a UK will as well as a US one? Are they very different or should one hold up in either country? This is to cater for guardianship of kids as well as money.
Just not sure whether to contact a UK or a US lawyer first. Any tips or experience appreciated.
Thanks,
Doug.
#3
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Making a will...
Ian
#4
Re: Making a will...
If not, are you sure there are no intentions to leave stuff to each other? That has a big potential tax implication.
The key thing to watch out for is the tax situation, so certainly when you discuss with a lawyer make sure they fully understand the implications of the fact that you are not US citizens.
#5
Forum Regular
Joined: Sep 2005
Posts: 274
Re: Making a will...
We currently have no will and looking to make one. We are L visa holders (applying for GC) and all beneficiaries would be UK based.
We'll talk to a lawyer but does anyone know if we need a UK will as well as a US one? Are they very different or should one hold up in either country? This is to cater for guardianship of kids as well as money.
Just not sure whether to contact a UK or a US lawyer first. Any tips or experience appreciated.
Thanks,
Doug.
We'll talk to a lawyer but does anyone know if we need a UK will as well as a US one? Are they very different or should one hold up in either country? This is to cater for guardianship of kids as well as money.
Just not sure whether to contact a UK or a US lawyer first. Any tips or experience appreciated.
Thanks,
Doug.
#6
Re: Making a will...
I believe a will is valid only under the laws of the country where it was executed. Therefore, a will executed in the US will only be valid in the US. Regardless, a beneficiary of the will can live anywhere. Also, the most recent will will invalidate all others and supersede them... so if/when you return to the UK you can have a new will drawn up (or adapt the US one) which will then be valid in the UK and supersede the US one.
Ian
Ian
We have been dragging our heels on this, I have given myself 2010 to get this sorted!
#7
Re: Making a will...
My understanding is that you normally file a will with the country/state that you are domiciled (the laws of one state may differ from another on wills).
The primary issue will likely be taxation. In the US, estate tax is normally not accessed when the beneficiary is the spouse. When assets are in different countries or states, that can complicate tax issues (tax treaties, probates, etc.).
The following are the estate tax exemptions for federal and state.
http://wills.about.com/od/understand...tetaxchart.htm
The primary issue will likely be taxation. In the US, estate tax is normally not accessed when the beneficiary is the spouse. When assets are in different countries or states, that can complicate tax issues (tax treaties, probates, etc.).
The following are the estate tax exemptions for federal and state.
http://wills.about.com/od/understand...tetaxchart.htm
Last edited by Michael; Apr 19th 2010 at 7:44 pm.
#8
Re: Making a will...
Is this the royal "we"?
If not, are you sure there are no intentions to leave stuff to each other? That has a big potential tax implication.
The key thing to watch out for is the tax situation, so certainly when you discuss with a lawyer make sure they fully understand the implications of the fact that you are not US citizens.
If not, are you sure there are no intentions to leave stuff to each other? That has a big potential tax implication.
The key thing to watch out for is the tax situation, so certainly when you discuss with a lawyer make sure they fully understand the implications of the fact that you are not US citizens.
#9
Re: Making a will...
My understanding is that you normally file a will with the country/state that you are domiciled (the laws of one state may differ from another on wills).
The primary issue will likely be taxation. In the US, estate tax is normally not accessed when the beneficiary is the spouse. When assets are in different countries or states, that can complicate tax issues (tax treaties, probates, etc.).
The following are the estate tax exemptions for federal and state.
http://wills.about.com/od/understand...tetaxchart.htm
The primary issue will likely be taxation. In the US, estate tax is normally not accessed when the beneficiary is the spouse. When assets are in different countries or states, that can complicate tax issues (tax treaties, probates, etc.).
The following are the estate tax exemptions for federal and state.
http://wills.about.com/od/understand...tetaxchart.htm
#10
Re: Making a will...
Like I won't have anything better to think about than visas - you know like funerals, grieving or oh yeah and how to spend all his money
#11
Re: Making a will...
She would have to leave the US...not sure what the time line would be...maybe 30 days. I remember one of the 9/11 widows was a L2 and was required to leave...however the President gave her permission to stay due to the circumstances.
#12
Just Joined
Joined: Apr 2010
Posts: 7
Re: Making a will...
You do need a separate will for each country - beneficiaries can live anywhere as has been said. I can only speak for the UK wills - don't automatically think that the only option or choice is to leave assets to each other - this is where they can get sold off to pay for care etc in this country - if you are here that is. The US, as well as other countries, will have there own laws/rules etc.
#14
Re: Making a will...
In reality, most jurisdictions do have procedures to accept out-of-jurisdiction wills for probate. That said, it is usually better to have a will in the same jurisdiction as the majority of one's assets.
Having two wills is a solution for some, but unless they are very clearly worded, may be more of a problem.