Managing an estate can be an enriching process, and when assets are located in several countries, it opens up a range of opportunities. In this article, we will explain in a clear and simple way how to handle an international inheritance, helping heirs and executors to better understand this important area of inheritance law.

Understanding International Heritage

An international estate refers to a situation where the deceased owned assets in more than one country. These assets may include real estate, bank accounts, investments, businesses and other assets. Managing this inheritance requires an understanding of the inheritance laws of each country involved and effective coordination between them.

Keys to Manage an International Inheritance

• Identification of the Assets: The first step is to identify all assets that were part of the deceased's estate in each country. This may involve reviewing financial documents, property records and other relevant documents.
• Determination of the Applicable Law: It is crucial to determine which inheritance law will apply to the estate. Some countries apply the law of the country of residence of the deceased, while others may apply the law of the country where the assets are located. In the European Union, for example, Regulation (EU) No 650/2012 provides that the applicable law is the law of the country where the deceased had his habitual residence at the time of death, unless he has chosen the law of his nationality.
• International Will: If the deceased left a will, it is important to verify whether it is recognized in all countries where the assets are located. An international will, drafted in accordance with international conventions, can facilitate this process.
• Obtaining the Declaration of Heirs: In many countries, it is necessary to obtain a declaration of heirs, which is an official document that recognizes the legal heirs of the deceased. This document is essential to be able to claim assets in different countries.
• Payment of Taxes: Inheritance taxes can vary significantly from country to country. It is critical to calculate and pay the appropriate taxes in each jurisdiction to avoid penalties and legal complications. In some cases, countries have double taxation agreements that can prevent heirs from paying taxes in two places on the same asset.
• Transfer of Assets: Once all legal and tax requirements have been met, the transfer of assets to the heirs can proceed. This process may involve the sale of properties, the closing of bank accounts and the transfer of securities and shares.

Importance of Specialized Legal Advice

Managing an international inheritance can be extremely complex, which is why it is vital to have the advice of lawyers who specialize in international inheritance law. An experienced lawyer can guide heirs through every stage of the process, ensuring compliance with applicable laws and regulations and protecting their interests.

Managing an estate with assets in multiple countries requires careful planning and a thorough knowledge of international inheritance laws. If you are faced with this situation, it is essential to seek the advice of a specialized lawyer to help you navigate this complex process and ensure a fair and efficient distribution of assets.

At VENFORT LAWYERSWe are committed to offering you the best support and advice in international inheritance management, ensuring a smooth transition and protecting the interests of the heirs. Contact us today for more information!