09 August 2016 #Private Client
Those with businesses in both the UK and overseas are likely to have assets in more than one country. With this in mind, they should seek specialist advice when looking to draw up their Wills.
Clarkslegal have substantial experience in advising international business owners on their Wills and how best to deal with assets situated overseas. We are also part of TAGLaw, a worldwide alliance of law firms, and are therefore able to put clients in touch with other reputable firms around the world where we feel specialist advice is required in the jurisdiction where the assets are located.
Overseas succession was recently simplified for EU member states following the introduction of the EU Succession Regulation (EU/650/2012) otherwise known as the Brussels IV regulations.
Following Brexit, there have been a number of questions about how this could impact on UK nationals with assets situated in Europe - specifically whether or not the Brussels IV regulations will still apply. It should however be noted that the UK, Ireland and Denmark chose not to opt into the regulations. There should therefore be no change in the way that the Brussels IV regulations affect the UK. UK Nationals should still be able to rely on the Brussels IV regulations to apply the law of England and Wales to the succession of assets situated in the EU, however succession of assets situated in England and Wales will still need to be dealt with by the laws of England and Wales.
For more information about the succession of your overseas assets or how the Brussels IV regulations may apply to you, please don’t hesitate to contact our private client department.