If you own assets in foreign countries, you should seriously consider setting up estate planning instruments to deal with those assets. Many are not aware of the potential inheritance issues and legal complications in respect of estate administration process of overseas assets upon their demise.
If a Malaysian who owns foreign assets has done his Malaysia Will but has yet to write any Wills outside Malaysia to cover their foreign assets respectively. Upon his demise, the Executor has to apply the Grant of Probate and then same Grant of Probate can be reseal in the foreign country where the asset is located. Resealing is the process of obtaining the foreign court’s recognition of the Grant of Probate from another country. Only then can the relevant foreign estate be administered. This will inevitably slow down the estate administration process and increase the cost.
With proper advice, you can mitigate this by having proper estate planning structures in place. Our associate service providers will be able to assist you.
Our associate service providers provide the following services:
- Singapore Will-Writing
- Australia Will-Writing
- UK Will-Writing
- New Zealand Will-Writing
- India Will-Writing
- Singapore & Offshore Trust Set Up
- New Zealand Trust