Tuesday, September 7, 2010

Vblog#64: If you are an Expat or you own properties in multiple countries

VBlog #64: If you are an Expat or you own properties in multiple countries . Rockwills Malaysia Will Writing Malaysia Estate Planing ... Malaysia Will Writing & Online Rockwills Estate Planning Professional Blog - 08 Sept , 2010

Part 2 with Mr. Brian McMillan. Director-General of Society of Will Writers & Estate Planning Practitioners

Q3: There are many Expats in Malaysia; some of them own assets in Malaysia. Or currently, many Malaysians own asset outside of Malaysia. Do they need to write multiple Wills to cover assets in overseas or they only need to write one that covers all?
A3: It's appropriate to Write different Wills, one to cover the asset in Malaysia & one to cover the assets in the domicile country. It's very common in UK & Europe. Example: British own property in Spain will have a WILL written in UK to cover assets in UK and a separate Will to cover those in Spain. You do not want your British Will to handle the Spain property because the succession rules, the tax laws are different in these two countries.
It's quicker; it's cheaper to gain probate if you have different Wills covering assets in different countries

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