Global mobility and international business means families and friends are increasingly spread across the world. When making an estate plan, if assets are owned in one country but intended for beneficiaries in other countries, an international will, created with expert guidance, may prove very useful.
Estate Planning For Global Families
If life is lived in one country, and property and assets are in another, a carefully prepared international will provides a recognized way to designate the assets for beneficiaries:
One of the best ways to prepare for death while owning property in a foreign country is to execute an international will…..The greatest benefit to an international will is the knowledge that, when drafted to meet the requirements set forth, the will is valid in any jurisdiction that has signed or enacted the Washington Convention, also known as the Uniform International Wills Act. Some of the major countries that have enacted the Uniform International Wills Act (UIWA) include: Belgium, Canada, France, Italy, Portugal, and Slovenia. Others countries are signatories to the treaty though they have not necessarily enacted the UIWA in whole include: Iran, the Russian Federation, the United Kingdom, and the United States.
It’s important to note that the 1973 Convention did not “revoke or override the laws of signatory nations,” but instead:“provides cross-border will validity among signatory nations…..” As with all estate planning efforts, putting an international will in place can ultimately make a tremendous difference to loved ones, by not only ensuring assets efficiently reach intended beneficiaries, but also by reducing the stress loved ones are likely to experience if affairs are not left in order. Indeed, preserving family harmony and avoiding multiple legal proceedings are two key advantages of preparing an international will:
International wills can help prevent disputes among family members by clearly outlining the deceased person’s intentions regarding the distribution of their worldwide assets. This can be especially crucial when different cultural or legal norms come into play … .Without an international will, heirs may have to navigate the legal processes of each country where the deceased held assets. This can lead to costly and time-consuming proceedings in multiple jurisdictions.
Of course there are complexities related to international wills, so it’s important to obtain
expert legal help as you proceed to:
- Choose a Qualified Executor: Select an executor who is well-versed in cross-border estate matters. This person should be capable of managing assets located in different countries and navigating the legal requirements of each jurisdiction.
- Account for Legal Differences: Different countries have varying legal systems, inheritance laws, and cultural norms. An international will should account for these differences to avoid unintended consequences.
- Identify Relevant Jurisdictions: Determine the countries where you hold assets and where you wish your will to apply. The will should clearly indicate which laws should govern the distribution of assets in each jurisdiction.
- Address Language and Translation: If the international will is drafted in a language not understood by beneficiaries or legal authorities in certain jurisdictions, translation and authentication may be required.
Keep in mind that just as with domestic wills and trusts, once an international will has been created, it’s necessary to periodically update it, reflecting the twists and turns of family life (e.g. marriage, birth, divorce…), shifts in asset value, and changing regulations.Note as well, that the designation of the loved one, friend or professional charged with ultimately executing the will should be made with care: this individual takes on fiduciary obligations. Indeed, no matter how diligent estate planning efforts are,the duties of executors are ordinarily many, and likely more complex when it comes to the administration of international wills.
Good To Know: Executor Bonds
Often, when an executor is designated, a type of fiduciary bond, which may be specifically referred to as an executor bond is required. The purpose of an executor bond is to protect the interests of the estate and its beneficiaries in accordance with the law. Learn more about executor and other types of fiduciary bonds right here.
At Colonial Surety Company, a leading national provider of all types of fiduciary bonds, the steps to obtaining executor bonds are easy: get a quote online, fill out the information, and enter a payment method. Print or e-file the bond from anywhere—even the law office.
Estate Law Practice?
Colonial Surety is here to help speed things up whenever and wherever a bond is needed. With a few clicks, you’ll arm your clients with exactly the bond required.
Just log in to The Partnership Account® for Attorneys, choose a bond, send it to your client for payment, then download, e-file or print the bond. Specific obligee requirements? Trust us: Colonial’s a direct bond writer, so our experts are here to ensure the requirements of obligees are properly met.
Our fiduciary bond portfolio includes: administrator, estate, executor, guardian, personal representative, probate, surrogate, trustee, conservator and the list goes on. Our court bond portfolio includes appeal, supersedeas, injunction, replevin, receiver and more.
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