One matter we come across as probate practitioners which, whilst not a problem, does cause delays, is clients dying with offshore assets.
When somebody dies, the Estate must obtain Probate. Probate is issued by the Court of England and Wales (or Scotland if the deceased was domiciled there).
However, there is no legal obligation for a foreign jurisdiction to recognise a document that has been issued by a UK Court.
Three scenarios we have seen play out are as follows:
- A client passed away owing a small parcel of land in the Bahamas. The family knew nothing about this, and it was only discovered when sorting through a box of paperwork after his death (hence ‘Tales of the Probate Box’). We are about to sell the land in question, nearly four years after the date of death. Not only have we had to submit documents to the Probate office in the Bahamas, but we have been required to register with the Bahamas tax authorities, and we have signed numerous documents throughout the course of proceedings. In this case, we estimate that fees and taxes account for over 90% of the value of the land.
- We have a client whose father has died in the British Virgin Islands (BVI) with no Will. She has had to send original documents, e.g. birth certificates to the BVI authorities, and is now struggling to get them back.
- On a recent case the deceased had an investment Portfolio in Jersey. Many people do not realise Jersey is deemed to be “foreign” in the matter of Probate. Whilst Jersey does recognise UK Probate, it still involved significantly more paperwork.
Often, these signed documents needs to be sworn in front of a notary public. A notary public is usually a solicitor or a retired solicitor with an additional authorisation.
They have to affix a seal and administer a swearing of an oath. There are few of these Notaries around which, with multiple Executor’s all needing to swear, can lead to problems.
We therefore recommend, if possible, that our clients bring all their assets to the UK in the later years of their life.
Obviously this may have taxation implications, which via George Hay Chartered Accountants we are able to advise on.
If you wish to discuss what GH Probate Ltd can offer please call Jenna Boddington or Barry Jefferd on 01480 426500 or email probate@georgehay.co.uk.
GH Probate Ltd is authorised to carry out the reserved authority of non-contentious probate by the Institute of Chartered Accountants in England and Wales.
