Do you need help with a will? Working with a Wills & Estates lawyer today to prepare the future of your estate is both wise and responsible. One of the questions that people frequently have when going through the process of writing a will is how to handle foreign assets in cases where second homes, bank accounts, artwork and other possessions are involved.
There are jurisdiction-specific rules that 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 factors listed above.
Failing to adhere to jurisdiction-specific estate rules could result in tax penalties and a host of legal consequences. This is precisely why operating under the assumption that all estate documents are universal is problematic. There are differences even between the way 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 all of your questions answered.