Wills
Protect your legacy with a comprehensive will. Plan ahead, safeguard your family's future and ensure your wishes are honoured across the globe.
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Making a will is the only way to ensure your money, property, possessions and investments go to the people you care about.
What is a will?
In simple terms, a will, or last testament, is a document in which you decide what happens to your assets after death. This can include money, real estate and possessions, as well as digital assets, such as those with monetary or sentimental value.
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Use the links below to quickly find information about expat financial advice
Why do you need a will?
Many people believe they do not need to write a will until they are older. In fact, the average age to make a will in the UK is 58.
Moreover, research from Canada Life shows that the vast majority of UK adults have not written a will, and many are not planning to do so. Some reasons for not making a will include:
- Not wanting to talk about death with loved ones
- Being afraid of the cost of a will-writing service and legal advice
- Not wanting to burden their family with paperwork
- Believing their assets are insufficient to warrant a will
It is true that writing a will is difficult to think about. However, the advantages of writing a will are so significant that you should strongly consider doing so – especially as an expat.
So, when should you write a will? In short, the sooner you write a will, the better. Without one, the assets you have worked hard for all your life could be distributed in a way that does not align with your wishes.
Benefits of writing a will
There are several reasons to write a will, including:
- Helping to reduce your inheritance tax
- Avoiding family arguments
- Appointing guardians
- Ensuring your wishes are honoured
- Avoiding intestacy laws
- Simplifying the process
Drafting a will is more than just detailing what happens to your material possessions after you pass away. Writing a will can help you avoid common pitfalls and offer peace of mind. Losing a cherished partner or parent is hard enough. Burdening your loved ones with lengthy and challenging processes to deal with in the event of a lack of will is inconsiderate and puts them in a difficult position.
For example, if you do not have a valid will, rules of intestacy mean that if you are not legally partnered, your partner will not inherit anything from you. Similarly, your step-children would not be beneficiaries of your estate, and you will not have a say in who will look after your dependent children in the event of your death.
Why do you need a will as an expat?
Writing a will can be a complex process, depending on your personal circumstances and current situation.
One such circumstance is being an expat. Inheritance and estate laws differ in each country, which could mean that you may need to draft multiple wills for different jurisdictions.
Without proper advice on international wills, you might pay more taxes, and your assets may not go where you intend.
If you do not have a valid will in place, the probate process might take longer than expected due to your assets being in different jurisdictions. You might also end up paying more taxes, and your assets may not go where you intend. That is why seeking legal assistance to discuss your financial circumstances is advised.
How to write a will as an expat
Talking about inheritance and death is not easy; however, it is necessary to ensure your family members are not met with unpleasant surprises after your passing.
As an expat, it is important to get it right. With so many factors to consider when you start the estate planning process, including your current financial situation, it is crucial to seek professional financial advice from experts who can ensure that the right people inherit your estate and that taxes are minimised.
Alongside our legal partners, Holborn provides a will-writing service that takes your individual circumstances and needs into consideration, helping you reach your estate planning goals. We know how important it is to get this part of financial planning right, and we understand that it is a difficult subject to address. To safeguard your family’s future and ensure your wishes are respected, speak with us today about drafting your will.
Frequently Asked Questions
A will is a legal document that outlines how a person’s financial assets and affairs should be handled after their death.
