People who live in Australia tend to be quite global in their outlook, probably due to the fact that the continent is so far away from the traditional, Western world. Maybe it's also got something to do with their nomadic ancestors, who would often seek to establish a footprint in other countries as well. When you join their league and diversify, the purchase of a property overseas can be an exciting proposition, but it can lead to complications in later life when it comes to settlement of the estate. Why do you need to pay attention to the way that your will is configured if you have some of these overseas assets?
Local Matters First
Before you begin to look at your foreign holdings, make sure that you have dealt with any property or assets that are contained within different Australian states or territories. While each jurisdiction should recognise any of your assets as if they were held within your home state or territory, you will nevertheless need to get a specific grant of probate to cover these matters. This may be more of a technical exercise than anything else, but it avoids any issues at the time.
However, the situation is very different if you have properties abroad, especially if that country is not a party to the Hague Convention. As you may know, this treaty was established to help people in your situation deal with bank accounts, assets and other possessions. The convention is meant to make it a lot easier to repatriate any funds and process matters, but if you're unlucky, then you will have to defer to the laws of the specific country for your next move.
Movable or Immovable?
Many of these other nations will want to know whether your asset is movable or not. In other words, does it refer to funds or shares that can be transferred from one point to another as a paper exercise? The alternative would be a physical property such as a holiday home, and when this situation arises, they will need to know whether you are a citizen of the country or not.
Reaching Out for Help
If you have a very diversified portfolio, the position can become complicated very quickly. In this case, make sure that you engage a probate lawyer who has experience of overseas transactions, so that you can make everything as smooth as possible. Contact probate lawyers to learn more about planning your will.