Portuguese Wills

DaveK · Post by **DaveK** » Fri Sep 16, 2005 3:47 pm

My wife and I purchased property two years ago in joint names. At the time I mentioned the matter of drawing up Wills to our solicitor in Lagoa and it was agreed that we would call to see when we were next there. Several visits later we still have not done this. I have now been told that in the event of one or both of us dying intestate the lack of a Portuguese Will could create a lot of legal problems. Any advice would be appreciated.

widge · Post by **widge** » Fri Sep 16, 2005 6:37 pm

Hi Davek,

I am in a very similar position and have been told by my UK lawyer that we should draw up portuguese wills to protect our assets in the algarve, like you I have'nt yet done it.

Notary · Post by **Notary** » Fri Sep 16, 2005 8:18 pm

You don't really have to have a Portuguese will, your UK will is acceptable, but since it would have to be translated, and probated here, it would be easier, and likely cheaper, to have a Portuguese will--for Portuguese property only--made up here. It is not particularly expensive, and it would save a lot of trouble.

DaveK · Post by **DaveK** » Sat Sep 17, 2005 7:23 pm

Hi widge

Thanks for your reply - probably like us there is too much to do. Will do it next time.

DaveK · Post by **DaveK** » Sat Sep 17, 2005 7:28 pm

Thank you Notary

I will see my lawer in November when we are next in the Algarve.

Thanks

Gazza · Post by **Gazza** » Tue Sep 20, 2005 11:21 am

Does anyone have experience of wills in respect of shares of an offshore company. Clearly one can include them in a will as they are an asset, but the question is what is the impact on a UK will as the shares are normally held in a nominee account.

G

Guest · Post by **Guest** » Tue Sep 20, 2005 4:34 pm

We have made both a Portuguese will and an English will on immovable and movable property in both countries.

Tax depends on the country in which you are domiciled... but we were also told that our Portuguese property will not form part of our UK estate.

DaveK · Post by **DaveK** » Sat Sep 24, 2005 6:10 pm

As far as I am aware if you are resident or ordinarily resident within the UK then your assets outside the UK form part of your estate for UK IHT purposes.

Guest · Post by **Guest** » Sun Sep 25, 2005 8:22 pm

RE: IHT I can only say what I was told when we made our will in the UK...is this incorrect?
We have a separate will in Portugal...if the guy is lying I will go and ask him for a refund!!!

biffa · Post by **biffa** » Sun Oct 09, 2005 11:35 am

If you have any Portuguese property at all in your name (house, house contents, car, bank account etc) then it is wise to draw up a Portuguese Will in respect of those assets alone simply to avoid the bureaucracy of using a foreign Will here in Portugal.

UK IHT is based on your worldwide assets and would include the Portuguese property mentioned above.

Shares in an offshore company or indeed the interest in shares (via nominees) would also come under the above heading and could be counted in for IHT purposes in respect of UK resident and domiciled persons.

Notdeadyet · Post by **Notdeadyet** » Sun Oct 09, 2005 2:32 pm

There is no legal requirement to have a Portuguese will. Lawyers will sell you the convenience aspect and charge accordingly. Let your executors get a translated and notarised copy of your UK will when the time comes.
If you were to change your will at any time that would mean a second Port will too. Gets expensive.

biffa · Post by **biffa** » Mon Oct 10, 2005 12:23 pm

Notdeadyet is quite right.

You do not have to have a Will at all of course but I am unclear as to why a change to a UK Will would necessitate a change to a Portuguese Will

A Will in Portugal would probably cost about Euros 400 including Notary charges and legal fees so there is quite a high cost but sometimes it is worth it in the end.

Gazza · Post by **Gazza** » Mon Oct 10, 2005 12:44 pm

For shares held in nominee accounts, I guess the next question is how they are valued for UK IHT?

G

biffa · Post by **biffa** » Mon Oct 10, 2005 2:16 pm

If the UK Revenue got their teeth into it they would ask what the company owned and then possibly request a valuation of the property

Notdeadyet · Post by **Notdeadyet** » Mon Oct 10, 2005 3:03 pm

Biffa wrote:
You do not have to have a Will at all of course but I am unclear as to why a change to a UK Will would necessitate a change to a Portuguese Will

I had in mind death of partner, divorce etc when you wish to change the beneficiaries and assume that someone in that position would want his/her Portuguese assets changed too