Evanna Phoon chats with Mr. Brian McMillan. Director-General of Society of Will Writers & Estate Planning Practitioners about Will Writing if you own properties in multiple countries
Q3: There are many Expats in Malaysia; some of them own assets in Malaysia. Or currently, many Malaysians own asset outside of Malaysia. Do they need to write multiple Wills to cover assets in overseas or they only need to write one that covers all?
A3: It’s appropriate to Write different Wills, one to cover the asset in Malaysia & one to cover the assets in the domicile country. It’s very common in UK & Europe. Example: British own property in Spain will have a WILL written in UK to cover assets in UK and a separate Will to cover those in Spain. You do not want your British Will to handle the Spain property because the succession rules, the tax laws are different in these two countries.
It’s quicker; it’s cheaper to gain probate if you have different Wills covering assets in different countries
About the Guest Author:
Evanna Phoon is the “Most Sought After Rockwills Will & Trust Specialist”. Her website is www.malaysiawills.com, where anyone can register for FREE SEMINARS on Will Writing & Trust and watch FREE Video Education Series to help increase awareness of Will, Trust and Estate Planning services in English, Mandarin and Cantonese.
She had done over 200+ video blogs on the topic of Will, Trust, Funeral & Bereavement care and Estate Planning. She was invited as a speaker at International World Bloggers Summit 2011@PWTC, Rockwills CEO achiever´s congress, Negeri Sembilan Chinese Chamber of Commerce & Malaysia SME Business Networking Seminar.
Evanna writes regularly for Malaysia SME newspaper and two Chinese medium magazines “mystudy.my” and QiJi.
Prior to joining the financial planning industry, she worked for a few years as an electronics engineer with Intel, Freescale, Motorola and Western Digital. While still studying in the university, she appeared in billboards and did catwalk modeling. She was Miss Astro Chinese International Finalist 1998/99 and had won Miss Sunway Beauty Pageant title in Year 1999. She is currently married with two children and love to spend her time mountain biking and outdoor sports with her family.