Home in the Sun - What happens when you die?
|Protect Your Home in the Sun|
If like me you have a home in the sun, mine’s in Spain, you might well have made a Will that deals with what happens to that property if you die.
If you have then as of yesterday you need to review it and probably update it. The reason is that the
Brussels IV regulations on cross border inheritance came into force on 17th August 2015.
If you haven’t then you need to do one today, call us on 01778 382723 and we will discuss what you need to do.
So what difference does Brussels IV make to me?
Previously a property in an EU state was subject to the Inheritance Tax and Heirship rules of the country that it was situated in, a French property subject to French inheritance law, an Italian property subject to Italian law etc. This potentially restricted the people you could pass your assets to and could lead you to pay inheritance tax at different points and rates to that you would pay in the UK.
As of yesterday, 17th August 2015, this has changed and you can now elect to have your estate treated as if it was situated in the country of your nationality, this will make a difference to how your estate is administered after your death, it will affect your tax planning and could make a difference to who will inherit your property.
In short if you have a European property, be it a holiday home or somewhere you have retired to permanently you need to review your will.
Call us 01778 382723 to discuss or click to visit our website.