No matter where you live in the world, making a will is an important process to go through. By having a will, you ensure that your estate and assets are disposed of in a way that corresponds to your wishes.
If you die without a will, your assets may be distributed according to the law instead of your own wishes. Furthermore, if you are a UK citizen living abroad, your country of residency at the time of death may impact the transfer of your assets and estate in the UK. Therefore, although you are not required to make a will by law, it is the best way to decide what happens to your assets after your death.
Vietnam taxes income received from inheritances/gifts if the income is in excess of VND10M at 10% although there are exemptions between family members for the transfer of real estate.
Compulsory heirship applies in Vietnam which means if you die without a will you could end up falling under the rules of Vietnam.
By taking time to set out your will with a financial adviser, you can decide how your assets are allocated should the unexpected happen. Even if you aren’t married, or perhaps divorced, you can ensure that your partner or former partner is provided for.
deVere Vietnam understands the complexities surrounding will writing, so we’ve made this process easy for you to help you protect your loved ones and your own wishes. Working together with some of the top UK law firms, we can provide you with comprehensive advice and assistance on wills for your UK based assets wherever your residence may be.
The other arm of Wills is Estate and Succession planning
This involves putting plans in place so that the estate will be administered correctly, legal matters settled, and ultimately all assets distributed according to the will.
Also, if there are any family businesses or companies involved, then all succession matters will be properly administered, and contingency plans will be put in place. This ensures that the correct people or family members will take over the business to ensure its continuation and profitability.
Key issues for the creation of a suitable succession plan include:
Contact your deVere adviser to discuss putting estate and succession plans in place.