A client’s father died intestate domiciled in Guatemala. He had assets in both Guatemala and the UK. My client has confirmed that it is common practice in Guatemala for the main beneficiary of an Estate to buy out the minor beneficiaries’ rights.
My client is entitled to a share of the assets in the UK and is wondering about the practice in Guatemala also applying to the UK Estate.
This isn’t something I have encountered before. I would welcome views on how this would operate in the UK and the tax implications.
Samir Hussain
Gregsons