Should UK residents have a US will?
UK residents should have a US will to govern their US assets.
Yuri: My wife and I are UK citizens, but we are American residents. We own properties in both countries. Not totally outright, there's some mortgage, but I'm going to settle that eventually, next few years. Where do I write my will? I do have a will in the UK, leaving-- We leave each other everything. When one goes, the other gets it, and then it goes to our nephew, but that's the UK will, but what happens-- Is that sufficient to cover the USA?
Attorney Tom Olsen: Yuri, we've done this quite often for UK residents and in our opinion you should have a US will as well. That US will is going to start by saying this, "This will is only meant to govern those assets that are located within the US. I have another will in the UK to govern those assets in the UK." In my opinion, Yuri, you should have a will in the UK, and a will in the US.
Yuri: Okay. Yes, I thought so, I just wasn't sure whether it's too complicated to have two wills, or whether it's a prudent thing to do.
Attorney Tom Olsen: I think it's a prudent thing to do. Now, Yuri, we would love to help you with that, but remember, when we're going to talk about your will, Yuri, we're going to also talk about how to avoid probate, how to make things simple, easy, inexpensive for your kids when you pass away. While I'm on that point, Yuri, I'm going to say this, when Chrissy and I have done our complete job, we've done some work, the clients have done some work, to avoid probate on real estate, bank accounts, et cetera, if we do that, then, Yuri, at the end of the day, what your will says doesn't matter. Because what's happening, your assets is not governed by your will, it's governed by how you filled out your beneficiary designation forms on your life insurance, IRAs, retirement accounts, how you made your bank accounts POD, Payable On Debt to your kids, and how you do your real estate with the lady bird deeds. To avoid probate, the lady bird deeds control what happens to your properties. Yuri, we'd love to help you. That's the Olsen Law Group in Orlando. Feel free to call us next week at 407-423-5561.