To answer the question of, “Do you need a local Will, an international Will or both?”, one needs to consider the type/nature of the offshore asset/s owned and where they are located/jurisdiction as these will be the determining factors as to whether an international Will is required.

Let’s first look at the type/nature of the offshore asset/s:

• If assets consist of foreign investments administered by a South African institutions there is no need to prepare a separate Will as the South African executor will be able to deal with asset/s.
• If the only offshore asset is a bank or an investment account generally there is no need to prepare a separate Will as the offshore banks and financial institutions usually recognise the South African Will provided the Will covers worldwide assets.
• The Principle of Survivorship dictates that when one co-owner of property passes away, the surviving co-owners automatically inherit the deceased’s share and the deceased’s interest ceases to exist. It may apply to certain foreign banks or investment accounts which are owned jointly. This principle operates in the UK, Ireland, Jersey, Guernsey, Isle of Man and many other countries throughout the world.
• Fixed assets pose more of an issue as they will be subject to the laws of the country where the fixed assets are located. It would be best to obtain an opinion from an expert on law in the country where the asset is situated to ensure that it complies with that country’s rules, regulations and formalities.

Location/Jurisdiction

Whilst we in South Africa have freedom of testation, you can bequeath assets freely, in some countries freedom of testation is not recognised. These counties have inheritance laws that override the intentions of the deceased.  These are known as forced heirship laws (a legal principle that mandates a portion of a deceased person’s estate to be inherited by specific heirs, typically family members, regardless of the deceased’s wishes expressed in a Will) and vary from country to country. Mauritius, Switzerland, France, Spain, Italy, Portugal, Japan and countries operating under Shariah.

Thus, should you own assets in a country with forced heirship, it would be best to draft a separate Will for those assets in that jurisdiction. As each country’s heirship laws are unique it is advisable to consult with an expert in that country.