Property Query

[Grimace]

My wife and I are British, and owna condo in Florida. We have Wills back home for all of our UK assets but currently nothing in place to cover our US assets (Condo and US Bank savings). Currently both the condo and savings are in joint names. How do we best protect ourselves in the event that either one of us dies before the orther or worst case we both perish at the same time. Thanks in advance for any answers recieved.

[2222]

Why does your will exclude the us assets?

[Peridot]

Hi Grimace,
There are tax implications where US property is owned so it is important that you get some face to face advice on this from a specialist. Your UK will may include all your assets in UK & US depending on the wording used. However as I mention there are tax implications for US property in addition to differing state laws depending where the property is located, so there are many factors to consider.

[Grimace]

2222 - I was advised by my UK solicitor that UK wills only apply to UK assets and that I would need to seek advise regarding my US assets.

Peridot - I understand some of the tax implications regarding selling property eg FIRPTA, however my question relates more to how probate would work if we do not have a US will in place and should I progress with a US will what is best practice?

[Peridot]

Hi again Grimace,

I am afraid I am not familiar with the US rules relating to succession of immoveable items owned there (I suspect they may differ state to state) ie the condo.

Even if your Wills were drafted to include all worldly possessions, I don't know whether an English Grant of Probate is recognised in the US so it may be that a 2nd Grant of Letters of Testamentary would be required to deal with the US assets or whether you need a carefully drafted Will specifically dealing with the US assets but that doesn't revoke your Wills dealing with the UK assets.

I would recommend obtaining some specialist advice on this from a UK/US specialist private client lawyer. I don't want to give you incorrect information. I have had a search about but can't find anything specific relating to UK/US wills and probate other than recommending specialist advice I'm afraid. Sorry.