I have a client who wishes to make a Will here in E&W. He is domiciled in
Venezuela, but resident in the UK for the next few years on a work
contract. He has made it clear he wishes to return to Venezuela where he
owns a residence with his wife. He has some investments and business
shares (no controlling holding) in America, Spain, UK and one of the
I have done some research and note that Venezuela is subject to the forced
heirship regime and 50% of net estate must pass to Descendants, Ascendants
and spouse but it’s not clear to me if the client can leave all to spouse
and then on death of spouse to children or does the 50% have to be equally
split between Spouse, children, parents, grandparents etc.?
I also understand that Inheritance tax would only need to be paid on the
Venezuela assets and any further IHT would be governed by the country in
which the assets exist. It is also my understanding that a English will
would be recognised in Venezuela and could be admitted to probate etc. On
this basis, would an English will to cover the succession of all global
assets suffice or does anyone see any major problems with this? The client
seems comfortable with the issues/cost involved in relation to the
appointment of overseas attorneys/translation of documents etc.
I would appreciate forum members thoughts on this.