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Wills/Life Insurance

Wills/Life Insurance

Old Apr 12th 2011, 11:14 am
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Default Wills/Life Insurance

Does anyone still have term life insurance in the UK after leaving? I am thinking that it is probably not valid if you move permanently abroad? Also what about a will. If you made one in the UK., will is still be valid while living in the US? Any ideas?
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Old Apr 12th 2011, 1:42 pm
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Default Re: Wills/Life Insurance

It's a good idea having a will for each country covering assets in those countries.

Sometimes it'll depend on the state you are in though.

No idea on the life insurance, depends on the policy I'd guess.
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Old Apr 12th 2011, 2:48 pm
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Default Re: Wills/Life Insurance

Originally Posted by zaze View Post
Also what about a will. If you made one in the UK., will is still be valid while living in the US? Any ideas?
A UK will will always be valid in the UK reagardless of whether you're living in the US or not. Your UK will, however, is not valid in the US - meaning, you can't execute the will in the US. However, if the will is executed in the UK - regardless of where you are when you die - it will be valid.

Ian

Last edited by ian-mstm; Apr 12th 2011 at 2:50 pm.
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Old Apr 12th 2011, 3:21 pm
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Default Re: Wills/Life Insurance

Originally Posted by ian-mstm View Post
Your UK will, however, is not valid in the US - meaning, you can't execute the will in the US.
Not necessarily true.

The rules for what constitutes a valid will are (of course) different in every state. If the will that you made in the UK conforms to the requirements of the particular jurisdiction in the US where it needs to be executed then, in principle at least, I don't see any reason why it would not be considered to be valid.

The OP would, however, be well advised to consult an attorney about this.

I would also caution that, while it may be OK to have separate wills in the UK and the US that deal with the distribution of property located in each place it is very important to ensure that they are consistent with each other and do not contain any provisions that could be in conflict with the other will and which could lead to ambiguity. Again it would be wise to consult with lawyers in both places.
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Old Apr 12th 2011, 3:32 pm
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Default Re: Wills/Life Insurance

One thing to keep in mind is the estate tax situation. As a PR or USC there are implications and therefore the instructions within the will need to be considered. I would suggest that the instructions within a will drawn up in the UK, even if that will is in any sense still valid, should be reviewed against your change in circumstances. You need to speak to an attorney familiar with estate planning.
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Old Apr 12th 2011, 4:27 pm
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Default Re: Wills/Life Insurance

Thank you for all your replies, it seems will need to seek an attorney and have a will for both countries just in case, of course stating the exact same info. I also have life insuance in the UK but am pretty sure it wont be valid. Thank you all again,
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Old Apr 12th 2011, 5:02 pm
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Default Re: Wills/Life Insurance

Originally Posted by zaze View Post
I also have life insuance in the UK but am pretty sure it wont be valid.
Why so sure? Ask the insurance company. Seems an easy check.

Our Norwich Union policies are still valid.
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Old Apr 12th 2011, 5:11 pm
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Default Re: Wills/Life Insurance

Yes
you are right, i will make some calls.

Originally Posted by celticgrid View Post
Why so sure? Ask the insurance company. Seems an easy check.

Our Norwich Union policies are still valid.
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Old Apr 12th 2011, 5:44 pm
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Default Re: Wills/Life Insurance

Hi we were in the same position, my husband is here on H1B and I am on the H4. I rang our life insurance company to check if we would still be covered, they said as long as they were receiving payments from a UK bank account we would still be covered. I also spoke to a couple of lawyers to ask if, as non-resident aliens we would need a Florida will, they said a "simple will" would suffice and would cost $85 each. I guess it all depends on your Life Insurance company whether you would be covered. Hope that helps.
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Old Apr 12th 2011, 8:12 pm
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Default Re: Wills/Life Insurance

Originally Posted by zaze View Post
Yes
you are right, i will make some calls.
we checked with life insurance providors in the UK and got confirmation form them in writing that our policies would still be valid.
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Old Apr 13th 2011, 12:43 am
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Default Re: Wills/Life Insurance

so long as you make the premium payments, the life insurance will be valid,

although FWIW if it's term, let the policy lapse and take out new one over here. term is cheap as chips so long as you've not got AIDS or Cancer in the meanwhile......
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Old Apr 13th 2011, 12:58 am
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Default Re: Wills/Life Insurance

Yes all three of our life policies are term, no medical issues with us either.



Originally Posted by Manc View Post
so long as you make the premium payments, the life insurance will be valid,

although FWIW if it's term, let the policy lapse and take out new one over here. term is cheap as chips so long as you've not got AIDS or Cancer in the meanwhile......
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Old Apr 13th 2011, 1:06 am
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Default Re: Wills/Life Insurance

Originally Posted by zaze View Post
Thank you for all your replies, it seems will need to seek an attorney and have a will for both countries just in case, of course stating the exact same info.
Easier said than done. A US attorney normally won't be able to advise on English law, and vice versa.

Normally you should have one will covering worldwide assets, and that should normally be under the law of the place where you are a permanent resident. That will should then be probated in other jurisdictions where you have assets on an "out of jurisdiction" basis. Only if a particular jurisdiction does not accept non-local wills do you need a separate will and in that case, it involves a lot of work.

This article is Australia oriented but should also be valid for those in the USA:
http://britishexpats.com/wiki/UK_Will-Australia

I also have life insuance in the UK but am pretty sure it wont be valid. Thank you all again,
Pretty sure? Perhaps read the policy terms and conditions before coming to conclusions.
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Old Apr 13th 2011, 1:17 pm
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Default Re: Wills/Life Insurance

Thanks for the link, very informative. We do still have UK assets so i guess we will look into what the best option is.






Originally Posted by JAJ View Post
Easier said than done. A US attorney normally won't be able to advise on English law, and vice versa.

Normally you should have one will covering worldwide assets, and that should normally be under the law of the place where you are a permanent resident. That will should then be probated in other jurisdictions where you have assets on an "out of jurisdiction" basis. Only if a particular jurisdiction does not accept non-local wills do you need a separate will and in that case, it involves a lot of work.

This article is Australia oriented but should also be valid for those in the USA:
http://britishexpats.com/wiki/UK_Will-Australia



Pretty sure? Perhaps read the policy terms and conditions before coming to conclusions.
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Old Apr 15th 2011, 12:50 am
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Default Re: Wills/Life Insurance

thanks for the link.
very helpful
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