International Succession

Many wealthy clients hold assets, such as real estate, in a variety of jurisdictions and in such scenarios, it is important to be aware of the legal issues that arise, particularly if those clients intend to make a will.

Lex Mercatoria Solicitors advises on lifetime gifts, inter-vivos and post-mortem estate plans and other issues related to the taxation and management of inter-generational transfer strategies.

We work with other lawyers and accountants to provide practical advice to ensure that gift, estate, generation-skipping transfer taxes, wealth taxes and other forms of capital taxes are minimized. Wealth structures may be designed and implemented to reduce future unforeseen creditor risk, whether commercial or as a result of divorce or other family calamities.

EU Succession

Recently, the EU Succession Regulation (EU 650/2012), known as Brussels IV was introduced with the aim of unifying succession laws across EU member states. For individuals who hold assets in those EU member states that have signed up to the Regulation, the default position is that the succession of those assets on death will be governed by the law of the country in which the individual died habitually resident.

Alternatively, such an individual may choose, in their will, to apply the law of their nationality to the succession and administration of their estates. All EU member states have signed up to the Regulation with the exception of the UK, Ireland and Denmark. The Regulation will apply to deaths that occur on and after 17 August 2015.