Taking care of your family, legally
As a Dutch citizen living abroad you might not always realize the legal consequences of living abroad. Especially, in the case of an unexpected death you want to avoid legal disputes about applicable laws with respect to the custody of your children or succession of worldwide assets. A global will locks in your choices and preferences, thus avoiding legal hassle during difficult times.
Do you own a family business? Are you an entrepreneur? Or maybe a high net worth individual? Do you have your assets located in multiple countries? Maybe all of the above. Especially given your international setting it is of great importance to not only manage your wealth and family matters in the present, but more so to have arrangements in place in case of a sudden death. Cross-border estates tend to get complicated very quickly and upfront action can relatively easily avoid legal disputes during difficult times.
Are you comfortable with Singapore law ruling your estate?
When it comes to your personal legal situation, the jurisdiction of the country of your habitual residence can be of big influence; especially when it comes to family related matters like custody of your children or administration of your assets following an unexpected death. Avoiding uncertainty or even a legal dispute about the applicable law dealing with the custody of your children or succession of assets is crucial.
A global will might just be the answer for you to prevent potential problems in the future and to take away day-to-day worries. For example, without an explicit choice of applicable law, your succession will be governed by the law of the country with which you are most closely connected. This might be the law of your nationality, but it can also be the law of the country you have been living in for years. As a consequence, the law of the country you are living in may rule your succession or the custody of the kids. You will appreciate that this can lead to complex discussion and even unwanted consequences. A global will basically gives you the opportunity to decide what should happen to you, your family or to your assets, which may be scattered around the world. With one document you can choose the law that should be applicable to your estate and provide for specific conditions that unmistakably set out your exact wishes.
Want to know more?
Loyens & Loeff in conjunction with the ADB DutchCham will on November 27th organize an event at the Dutch Club in Singapore whereby Dirk-Jan Maasland Senior Deputy Civil Law Notary and Rogier Ploeg, Senior Tax Advisor will discuss some of the legal and tax aspects relevant for Dutch citizens living abroad.
Interested in attending this event? Please register here.