Foreign assets? – Will writing Scotland

The wisdom of having more than one Will if you own assets outside Scotland

So many clients now own property or have assets in a country other than Scotland that we are frequently asked whether it would be sensible to have a Will elsewhere as well as one to deal with assets in Scotland.

It is legal to have a Will in more than one country

Your Will should deal with all that you own at the time of your death. If some of your assets are situated in another country with a different legal system, it may well be a good idea to investigate in the foreign country concerned how to make a second Will to dispose solely of the foreign assets.

Several advantages of having Wills in Scotland and elsewhere to deal with foreign assets

• The time taken to wind up your estate is likely to be shorter – the administration can proceed in both countries at the same time instead of waiting for one to conclude before steps can be taken in the second country
• The law which applies in each country will be different and having a Will recognised in the country where the assets are located should result in a much smoother winding up of your estate, especially where a single foreign Will fails to take account of the local law
• Not having to wait for the other country to complete its processes first should allow the beneficiaries to receive their inheritance without delay
• You can appoint different executors or administrators to wind up your estates in each country and the beneficiaries named by you do not need to be the same

Potential issues to be aware of when making the decision to have a second Will

• If you have more than one Will and you decide to update or revoke it, you need to ensure that the second Will is not revoked in error at the same time. It is important to consider the terms of both Wills simultaneously
• You need to ensure that the executors or administrators of both Wills are made aware of the existence of the second Will so that they know that there will be two administrations proceeding in tandem

There is no absolute obligation to have a Will drawn up in each country where you have assets

If you have a bank account or own property in another country, it is wise to obtain legal advice on your options when it comes not only to making your Will but also to granting a power of attorney and generally managing your foreign affairs.

If you would like to consider making a Will in Edinburgh or discuss the best way to make a Will, please get in touch with Kay Blaikie, Will lawyer in Edinburgh, by telephoning 0131 564 1044 or by using our contact form.