Owning assets overseas has become increasingly common nowadays, especially for the higher income group. However, after acquiring those assets, many are unaware of the issues of inheritance and legal complications in respect of administrations of foreign assets upon their demise. Even if they do, chances are that they may include all their assets into the same Will regardless of where those assets are located.
Due to the different laws and foreign jurisdictions that can apply, handling assets for distribution to your loved ones can be very tricky. This could also cause delay because the Malaysian probate must be obtained first, then followed by subsequent applications for probate in the other countries, whether by way of resealing of the Malaysian probate or fresh applications for probates. This would simply mean additional costs and expensive foreign legal fees would be incurred. More importantly, beneficiaries will inherit less.
1. Faster Administration
A foreign will allows assets in that country to be administered more quickly, without waiting for the main will to go through probate in your home country.
2. Compliance with Local Laws
Each country has different inheritance and probate laws. A foreign will ensures your assets comply with the legal requirements of that specific jurisdiction.
3. Avoids Legal Complications
Using one will for multiple countries can create conflicts of law. A foreign will reduces the risk of disputes or rejection by foreign courts.
4. Efficient Asset Distribution
Beneficiaries can receive overseas assets sooner, as the process is handled locally.
5. Reduces Costs and Delays
It may minimize legal fees, translation requirements, and administrative delays associated with cross-border estate handling.
6. Clarity in Estate Planning
Separating domestic and foreign assets makes your estate plan clearer and easier to manage.