Wills

This question seems like it should be on here somewhere, so maybe I'm not looking carefully enough or in the right place.  Has anybody done a will here in the UK?

If you already have a will in the US will it be legal/applicable to assets here, and will the courts here honor the decisions you've made about child custody in the US?  It's not likely that both my husband and I will die anytime soon, but I want to make sure everything is secure for my kids should something happen.  If you make a will here do you have to find a special attorney who deals in international stuff?

I know nobody can really give me legal advice, but any suggestions would be appreciated.

I'm sorry I can't give  much advice for will  writing, but I believe it was touched upon in the parennting section...  If you do a search here you'll find some info onn custody and the  like, however off-hhand I do believe there is a law  that will uphold whatever  custody arrangement you choose.

Good luck!

http://talk.uk-yankee.com/index.php?topic=36302.0

There's some info here.

Thanks for the link!  I'm still finding my way around.

So I guess we need to have two wills: one filed in the US and one in the UK, which say the same thing?

Is it expensive to have a will done here?  I'm guessing we'll need to go to somebody who can give us special advice about things like children with dual citizenship.

This is complicated.

A Will that is legal in one jurisdiction (eg Scotland, New Jersey etc etc) is probably valid in other jurisdictions.  You should check this with an attorney in the jurisdiction you live (eg England & Wales, Scotland etc) who is familiar with the laws of the United States and any State where you hold significant assets, as your Will will need to be probated in each place. 

The United States collects Federal Estate tax, several States also have Estate taxes and the UK charges Inheritance Tax (IHT).

You need to plan for each of these.

If you are not domiciled within the UK your your UK domiciled spouse can only leave you the nil rate band plus £55,000 before UK IHT starts to be payable on his/her death.  If you had the same domicile then unlimited amounts can be passed to a spouse on death for UK IHT purposes.

If you are a US citizen and your spouse is not, then the unlimited marital deduction for Federal Estate Tax does not apply so you could face US tax on your death unless you either die in 2010 (when there is no tax) or you set up a special trust in your Will.

In summary - in my opinion - DIY Wills are unlikely to be suitable for most folks reading UKY unless you have very little money and it is all in one country.

I really appreciate the information Guya, so thank you for replying.

I'm pretty discouraged now though.  It sounds like I will have to get a will done by a UK attorney who is familiar with US laws, and I'm thinking that's not going to be so easy to find near our tiny town.  Maybe in Bristol?  Or will I need to go up to London?

Does anyone have even a proximate idea how much this would cost?  I'm hoping it's not too expensive, as we don't have extra cash, or even enough to buy a house here.  That will be a reason for us to procrastinate doing this and just keep feeling guilty.     But I want to be sure that should something happen to us, our children would go into the care of the people we choose and that they would inherit what little we do have in trust.

FYI

http://news.bbc.co.uk/1/hi/business/3038966.stm

I really appreciate the information Guya, so thank you for replying.

I'm pretty discouraged now though.  It sounds like I will have to get a will done by a UK attorney who is familiar with US laws, and I'm thinking that's not going to be so easy to find near our tiny town.  Maybe in Bristol?  Or will I need to go up to London?

Does anyone have even a proximate idea how much this would cost?  I'm hoping it's not too expensive, as we don't have extra cash, or even enough to buy a house here.  That will be a reason for us to procrastinate doing this and just keep feeling guilty.     But I want to be sure that should something happen to us, our children would go into the care of the people we choose and that they would inherit what little we do have in trust.

Tin, in the UK you do not even need a will regarding child custody, just write it down, date it and sign it. You can do this today.  Also give a copy to the proposed guardian(s) so they can come forward with that should it be necessary. If you die while resident in the UK, this law will apply. If you return to live in the US, you will need to make other arrangements there.

FYI

http://news.bbc.co.uk/1/hi/business/3038966.stm

This is an excellent and clear article.

However tax-free transfers between spouses on death do NOT apply for UK purposes if one spouse/civil partner is domiciled within the UK while the other spouse/civil partner is domiciled within the United States.  In such cases specialist advice is vital.

Thank you everyone for the clear and helpful information.

My spouse, kids, and I all live in the UK, but have assets in both countries.  I did not know that courts here would just honor any written statement on child custody.  That was not the case in the state where we had our wills done in the US.  I will now see if I can sort out the details here.

Thanks again!