Do you need help with a will? One of the questions that people frequently have when writing a will is how to handle foreign assets in cases where second homes, bank accounts, artwork and other possessions are involved. Working with a Wills & Estates lawyer today to prepare the future of your estate is both wise and responsible.
How to Handle Foreign Assets and Out-of-Province Assets When Writing a Will
Jurisdiction-specific rules govern how foreign and out-of-province assets are to be handled. For this reason, contacting a lawyer or accounting professional in the jurisdiction where the assets are located is highly advisable.
It is often the case that nothing extra needs to be done. However, there is a possibility that a separate will must be created for the jurisdiction where the assets are located. Estates are held to tax requirements based on factors like the heir’s place of residence, the place of residence of the deceased, the citizenship status of the deceased and the location of assets. An estate could be subject to additional estate taxes, inheritance taxes, death taxes and succession duties depending on the abovementioned factors.
Get Clear Answers from an Experienced Wills and Estates Lawyer
Failing to adhere to jurisdiction-specific estate rules could result in tax penalties and legal consequences. This is why operating under the assumption that all estate documents are universal is problematic. There are differences in how estate taxes are handled from Alberta to British Columbia.
It is highly advisable to work with an experienced Wills and Estates lawyer before completing a will. You can contact our law office today to book a consultation and get your questions answered.