|Leading Professional Contributors|
Michael Wells-Greco, Charles Russell Speechlys
The new frontiers of succession planning
The world is a smaller place than it once was and the law with respect to international succession has struggled to keep up. It is no longer unusual for a family to be made up of members of differing nationalities with assets all over the world. Faced with conflicting (private international) laws, this has meant uncertainty for many during both the planning stage and following a death. Many assume that they carry their 'personal' law around with them and that everything will pass on death in accordance with the laws of their nationality - which is not necessarily the case. The challenge, therefore, is working out which country's succession laws apply and the extent to which they override the provisions set out in any will, as well as confirming who has authority to deal with the assets.
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