Foreign Assets in the EU: The Wait is Over…

After three years of waiting, the day has finally arrived when you can now control who inherits your foreign assets in the EU. The EU regulation 650/2012 commonly known as Brussels IV allows you to elect the law of your nationality to apply to succession of your property across the EU.

If you do not make an election, the law that applies will be the country where you are habitually resident. If you normally live in the UK you may have a problem as the UK opted out of the new law. It is likely to be the case in that circumstance, the UK will pass the responsibility for dealing with the devolution of the property to the country where your real estate is situated. If your real estate is a holiday home in France, or Spain or Portugal it will be subject to forced heirship. This means you may not be able to pass your home to your intended beneficiary even if it is your spouse.

If you wish to take advantage of English testamentary freedom you need to action and update your will, even if you have previously made a foreign will.

We are available to take instructions in person, by SKYPE, telephone or email.