I am a UK citizen, came to Thailand 7 years ago and love it here.
During Covid lockdown I was luckily in Thailand, I had time so I researched details and wrote 2 Wills myself, a Thai Will and a UK Will.
I have since updated my Thai Will and this time paid a Lawyer to do it and to also keep one of the originals.
I now plan to visit the UK in about 2 months from now with my long term girlfriend.
Some things I am not sure about, for instance in my UK Will, do I mention my Thai Will? Would the UK want to know my assets I have in Thailand? Do I need to tell them?
So I would like the Will writer / Lawyer to be familiar with what is needed for expats living outside the UK.

Thanks in advance

Keith

I have 2 separate wills, the Thai one and also the one that deals with UK and offshore assets. Its not complicated and can be done online / email. I used Irwin Mitchell who understood the situation well.

@sungod  Thanks for the suggestion. I have made a note of Irwin Mitchell.

On 2/23/2024 at 8:40 PM, sungod said:

I have 2 separate wills, the Thai one and also the one that deals with UK and offshore assets. Its not complicated and can be done online / email. I used Irwin Mitchell who understood the situation well.

This may not affect you but for anyone else with offshore assets it is worth checking what is needed on death in that jurisdiction.

 

As an example I discovered that for the IOM they require separate probate to the UK so ended up writing a third will to avoid potential lengthy delays.

29 minutes ago, topt said:

This may not affect you but for anyone else with offshore assets it is worth checking what is needed on death in that jurisdiction.

 

As an example I discovered that for the IOM they require separate probate to the UK so ended up writing a third will to avoid potential lengthy delays.

 

We use trusts for offshore assets, thereby no need for a will or probate.

55 minutes ago, noobexpat said:

 

We use trusts for offshore assets, thereby no need for a will or probate.

Interesting.

Can you give a basic example of how that would work say for example for a bank account containing cash in an offshore jurisdiction that you would need to access regularly?

1 minute ago, topt said:

Interesting.

Can you give a basic example of how that would work say for example for a bank account containing cash in an offshore jurisdiction that you would need to access regularly?

 

What is the purpose of a trust? feel free to refer to google.

 

 

3 hours ago, noobexpat said:

 

What is the purpose of a trust? feel free to refer to google.

 

 

Purposes can be different depending on type of trust..........

I was hoping there was a way, at a reasonable cost, to continue to benefit from the "assets" in the trust yet avoid probate at my demise. My searches in the past have unfortunately failed to yield an answer that clearly clarifies that for me..........other than no. 555 (although I was mainly looking at IHT)

10 minutes ago, topt said:

Purposes can be different depending on type of trust..........

I was hoping there was a way, at a reasonable cost, to continue to benefit from the "assets" in the trust yet avoid probate at my demise. My searches in the past have unfortunately failed to yield an answer that clearly clarifies that for me..........other than no. 555 (although I was mainly looking at IHT)

 

Yes i know about trusts.

 

You don't want an income generating asset in a trust (like a bank account) because of trust tax: annual & periodic reporting.

 

Uk IHT trust solutions that "will pay you a fixed monthly income" (i'm contradicting myself for your simplicity) are called discounted gift plans. There a very few solutions whereby you, as the settlor, can benefit, as that becomes a gift with reservation, but this is one.

 

3 hours ago, noobexpat said:

 

Yes i know about trusts.

 

You don't want an income generating asset in a trust (like a bank account) because of trust tax: annual & periodic reporting.

 

Uk IHT trust solutions that "will pay you a fixed monthly income" (i'm contradicting myself for your simplicity) are called discounted gift plans. There a very few solutions whereby you, as the settlor, can benefit, as that becomes a gift with reservation, but this is one.

 

Thanks.

21 hours ago, noobexpat said:

Uk IHT trust solutions that "will pay you a fixed monthly income" (i'm contradicting myself for your simplicity) are called discounted gift plans. There a very few solutions whereby you, as the settlor, can benefit, as that becomes a gift with reservation, but this is one.

 

This is exactly what our family is currently considering. Quite complex, but handled by our independant financial advisor of many years. Apparently it makes payout to those named in the trust, much easier and faster. And potentially no IHT on that amount so long as 7 years have passed. Under 7 years IHT Tax is reduced though not completely.

 

55 minutes ago, soi3eddie said:

 

This is exactly what our family is currently considering. Quite complex, but handled by our independant financial advisor of many years. Apparently it makes payout to those named in the trust, much easier and faster. And potentially no IHT on that amount so long as 7 years have passed. Under 7 years IHT Tax is reduced though not completely.

 

 

I think you're talking about a gift trust. These are fairly simple. Usually discretionary trust, sometimes an absolute. 

 

The discounted gift plan has an immediate IHT saving, by the amount of the discount. It needs to be medically underwritten Abd provides a fixed income each month.

 

I don't do these too often - a bit rusty to be honest!