As people go through their lives, they often have to think outside of the box when they are planning for their future, and they increasingly tend to diversify their asset pool as much as possible. As their estate becomes more complicated, however, they need to think about what happens in the future. How are they going to ensure that their loved ones receive all the benefits of their estate when they are gone? To answer these types of question, much attention needs to be paid to the formation of a will so that those who are left behind don't not run into problems. If you're in this situation, what do you need to consider?

Domestic Issues

If all of your assets are essentially situated within Australia, then it doesn't really matter whether they are in one particular state or territory, or another. This is because, domestically, each jurisdiction recognises the other as if it were its own. So, if you own a holiday home on the coast and you live within the interior, you shouldn't expect any issues. The executor might have to trigger a specific grant of probate in that state, to recertify an established grant in the primary state or territory of residence.

Hague Convention

When assets are contained in territories outside of Australia, however, the laws of that relevant country will be primary and important when it comes to the settlement of the will. Most developed countries are members of the Hague Convention, which was established so that each country recognises the other with regard to the treatment of assets, wills and bank accounts. Generally speaking, it will be relatively easy to process matters if your assets are in one of those countries. However, if not, then you have to have a good look at the laws of the specific country for your guidance.

Dealing With Other Countries

Some of these countries will need to determine whether your assets are classed as "movable" or not. This typically refers to funds held in a bank account or shares in a domestic company. A house, on the other hand, is different. Much will also depend on whether or not you have any citizenship status in that country.

Getting Down to Business

If you happen to have assets in overseas countries (and especially if they're not covered by the Hague Convention), have a word with a specialist lawyer, to ensure that things go as smoothly as possible following your departure.

For more information, contact a probate lawyer.