Do you live in Australia and have assets overseas?

Australia has a large immigrant population, so it is not surprising that many of us hold assets overseas as well as in Australia. If you do have assets in more than one country, it is important to ensure that your Will properly disposes of your worldwide assets - not just those in Australia.One available option is to make a separate Will for each country in which you hold assets.Assets in Different CountriesIt is important to note that careful consideration may be required for the making of a Will that deals with the assets in each jurisdiction. Each country has its own laws relating to the making of Wills and to the distribution of intestate estates (if there is no Will).In some countries, foreign Wills may not be acceptable, or provisions of the foreign Will may not be valid. For example, in some countries the concept of a trust, which is common in Wills made in Australia, may not be recognised.Thus, making a local Will in each of the countries that you hold assets is usually preferable. Other reasons for making a local Will may include:•administrative difficulties which can occur if the original Will is held in one country while there are assets in another country and those assets have to be distributed; or•if there is only one Will for all property, there may be difficulties in having probate of the original will granted in one country and then in the others, because all countries prefer to retain the original will. There may also be delays caused by the translation and interpretation of the will in the other country; or•there may be tax savings as well as reduced court fees where a particular jurisdiction is dealing only with property within the jurisdiction rather than with the total assets of your estate; or•the probate process can be significantly simplified for your family and executors because the executors have a local legal advisor who is able to guide them through the process and the cultural differences; or•executors in different jurisdictions may apply for probate at the same time and independently of each other. If there is only one will, probate must be obtained in one jurisdiction and then re-applied for in the other jurisdictions, which can cause delay.If you would like to prepare Will, Straits Lawyers are now offering an online package for Advance Care Directives and Wills. Simply purchase our package via this link: https://straits-lawyers.square.site/product/will-and-advance-care-directive-package-/13Alternatively, if you would like to know more about your rights and options, you can email us at info@straitslawyers.com or call at 08 8410 9069 to find out more.Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.