Have assets in multiple countries? Get a Concurrent Will in each of the countries, you have assets in. This is because it will make the administration of the estate efficient. If there will be a conflict or dispute in relation to the will or estate, it will further not be complicated. There will be a clarity about the applicable law of the land. You can execute any number of concurrent wills for better planning of your estate. Estate is the valuation of all your investments and assets, including land, personal belongings, stocks, bonds and other securities
Reduces time and efforts in making probate: For concurrent will, application may be made for probate of each will in the country to which it applies. Whereas for single will an application for probate is made in one country and then the probate is resealed in each country where the will must be proven.
Faster distribution of wealth: Concurrent Will paves way for passing on your wealth smoothly to your loved ones.
Tax purpose: Tax treatment to inherited assets differs across countries. Some countries impose higher taxes for properties to be passed on to individuals residing in another country. With multiple wills you are more likely to get tax benefits too.
Less legal complications: No two countries' laws and regulations are the same. For instance, Italy and France have forced heirship rules, which means you cannot transfer the asset to whoever you want to. For your will to be deemed valid, it must comply with all the formalities. As concurrent wills are drafted in accordance with the respective country’s laws, the legal complications are very less.
Before proceeding with executing concurrent wills, you need to keep in mind the following pointers:
A will does not have to follow any specific language or format. However, the person who is writing the will, called as testator, must include the following important components:
It is the responsibility of the executor to carry out the terms and instructions stated on the will and ensure the beneficiaries receive the right amount of shares in the assets.
Upon the death of the testator, the executor or the heir of the deceased must apply for a probate in the court.
A probate is a copy of the will that is certified by the court of competent jurisdiction. A probate proves the authenticity of the will and grants administration of the estate to the testator.
Wills covering overseas assets can be probated in the respective country. As per the Indian Succession Act, 1925 probates granted in foreign jurisdiction are valid in Indian courts and no objections will be raised. However, in some instances ancillary probates may also be required and it is always best to consult legal experts.
The executor can file a petition for the probate with the complete details of the Will and estate in the appropriate court where the property is located or high court.
The basic documents required are the death certificate of the deceased, legal heir certificate of the descendents eligible for bequeath.
Once the application for probate has been made, the Court will send a notice to all the legal heirs and it will also be published in the newspaper for any objections. If no objection is raised in probating the will and appointing the executor, the Court will grant the probate.
As such, there is no need for any important documents for writing a will. You can draft your will with the help of legal professionals in a simple sheet of paper. However, you may have to keep the following things ready for better planning of your estate and to avoid any future legal conflicts.
Note: The information given here is generic and is subject to specific instances. Please consult with our expert lawyers and legal professionals for writing and executing your will.
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