Drawing up a will can be a tricky affair and it becomes even more so when it involves assets across several jurisdictions. To navigate the process of drawing up your will, getting some help from a reputable lawyer in Cairns is essential to ensure you make the right arrangements and include all assets. There are lots of factors you have to consider when estate planning, especially if you want to more effectively protect your assets both within the country and overseas.
To help simplify the succession and inheritance laws, the Australian government granted the Convention Providing a Uniform Law on the Form of an International Will 1973, which came into effect in Australia on the 10th of March 2015. To give effect to the convention, all Australian states and territories have passed legislation reflecting the convention’s goal to harmonise private international law principles between member countries.
Under the convention, a will drawn up pursuant to the convention’s requirements will be accepted in the convention’s signatory countries. This international will, executed pursuant to the convention, requires four signatories as opposed to the typical two for a normal Australian will: the testator (or will-maker), two actual witnesses, and a qualified legal practitioner who needs to sign both the will and a certificate in a form prescribed by the convention.
However, drawing up an international will may not fully and suitably deal with your foreign assets, since though certain jurisdictions may be signatories of the convention, they still implement their own estate laws.
This is why drawing up another separate will is a better way to address this concern. That is, you will have an Australian will dealing specifically for your Australian assets and a foreign will (or concurrent will) dedicated to protecting your foreign assets.
No matter which you choose, ensure first that you have been advised professionally about the process. If you’re drawing up a foreign will, your estate lawyer should have their expertise about foreign laws to carefully draft the document.
Finding a divorce lawyer in Cairns
If you're separated and planning to get a divorce, a reputable estate lawyer will be able to help you avoid these mistakes. Contact Marino Lawyers at (07) 4081 6700, and we will discuss how we can arrive at the best outcome for your situation.