EU Brexit - Can You Trust Laws of Succession for Overseas Property?
Sam Orgill ProACT Partnership examines the impact of EU Laws on Overseas Property Assets in Euroland
In 2015 an EU directive on Laws of Succession became law in all EU countries other than those who opted out - UK Ireland and Denmark. In the first step towards Brexit the UK choose not to give up sovereignty of its national Laws of Succession and hand them over to EU law. Once an EU directive is adopted into law the member state loses sovereignty on that aspect of law, and the 'supreme court' of justice moves to the European Court of Justice in Luxembourg.
EU Laws of Succession
The EU law of Succession is based upon on EU traditions dating back to the Romans: the principle being assets pass to blood relatives. This distribution to relatives is fixed and means that trusts, charities, friends, unmarried partners, step children and children born out of wedlock can lose out.
UK law of succession allows each person to make a Will and leave benefits to people they choose, irrespective of the blood connection, marriage. There are rules for distribution of an estate if you die and do not leave a WIll.
This could be a great cause of concern to Expats owning Overseas Property in the EU.
EU Brexit: Property Fund - Rock Solid Investment
The EU Brexit decision will have a wide ranging 'economic' and 'social' adjustment period in the coming 2-5 years. There will always be winners and losers. ProACT look at EU Brexit for Expats.
Solid Investment
Over many years people have chosen property funds as a 'low risk' investment of a lump sum.
However all investments can go down as well as up. Dont put all your eggs in one basket otherwise you could find your dreams smashed, as property funds lose liquidity and become a 'solid' investment for the wrong reason.
Post Brexit vote has seen half of UK property funds 'close' to redemptions from investors in UK commercial property. International Commercial Investors feared for future values of UK commercial property and hastened to exit the property fund.
What Will You Wish For? Cremation V Burial
Sam Orgill www.proactpartnership.com How Do You Want To Leave This World ? Safe, Secure, Fun
When you make a Will you are setting out how your accumulated processions, assets and wealth are to be passed on and who to. You could create legacies for the good of family down the generations, or through charities that you support.
Cremation V Burial
Not everyone likes to discuss their funeral service and how their body is disposed of. However if you will die, these questions need to be dealt with. Often this is done with private agreement between family. In this article we wish to explore what that you choices and options are.
A recent survey in the UK found British people had a 60% preference for cremation. Of those favouring cremation 80% envisaged their ashes be scattered.