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
In MalaysiaWills, we protect your Wealth ONLINE anytime, anywhere
If you want to voice your opinion or if you don't care for Evanna's comments please email your feedback to firstname.lastname@example.org and visit http://www.malaysiawills.com for all the Evanna Video Blogs.