Australia is a remarkable multicultural hub, harbouring a tapestry of nationalities, cultures, and belief systems. According to the Australian Bureau of Statistics’ 2021 findings, more than 29% of the country’s population were born overseas. Given this rich diversity, it is unsurprising that many Australians also own assets beyond their adopted country. In estate planning, a crucial question arises: what happens to your overseas assets once you’ve passed away? Can your Western Australian Will extend its reach to cover these international holdings?
While a Will created in Western Australia can cover property scattered across the vast Australian landscape, it is a mistake to assume that it will hold in distant jurisdictions like England or, perhaps, the Philippines. Each country boasts its own set of rules governing the distribution of assets upon death, with procedures and complexities that can significantly diverge from Australian norms. And while it is possible to make an International Will, only a handful of countries have enacted legislation to recognize them.
It is also possible to reseal a grant of Probate in another jurisdiction after your death; however, this can be a complex and expensive exercise, and it is not possible in every jurisdiction.
The preferred approach is to craft separate Wills for each jurisdiction where you possess property, known as concurrent Wills. A concurrent Will should limit the jurisdiction to which the Will applies so that, for example, the signing of your new Will in Italy does not invalidate your recently signed Will in Australia.
If you hold assets overseas, your best action is to seek advice from your friendly lawyers. Consulting with lawyers in the respective countries where your assets are located will help you navigate the web of international estate planning.
