EU to Change Inheritance and Property Laws

Description:

It was reported in the November 2009 edition of the 'Connexion', the English language newspaper for British expatriates in France, that a new EU law had passed a first hurdle and which, if it comes into force, would allow a national of one EU country to require his or her estate to be devolved in terms of a will made under the law of their own country rather than the law of the country where the property willed is situated.

This could have important repercussions for Britons and other EU nationals owning property in France. French inheritance laws are incredibly restrictive and may not be bypassed even if otherwise proposed under a will validly drawn up under English law.  For example an unmarried couple might not be able to pass on their share of the family home in France to their partner.  French law may require that share to be inherited by the deceased's child or children.  However, even under the new proposals, inheritance tax may still be payable in France. This is an issue which has led many British investors in property in France to incorporate a company and to name that company as the buyer in the purchase documents, rather than themselves as an individual.

The new law, should it be agreed,  would simplify succession by recognising the validity of instructions given in a will drawn up under British law of a British citizen living in France.  Bequests for the estate to passed on to named heirs would be valid.  This would also apply to French property owned by a British resident.  The new provisions would, however, only become law after a number of years passing through the various planning and approval stages.

Why not use our RSS feed and receive news updates as soon as they are posted ?

Check out Guide2Normandy for Normandy Property, News, Places to visit,  Businesses, Places to Eat, Places to Stay, Classifieds and Events.

.