TO CHOOSE YOUR INHERITANCE LAW
The International Private Law of each State designates the applicable law for the transmission of an international legacy by death. The property location, the nationality of the deceased, the tax residence or any other foreign element creates an international situation.
In the Principality of Monaco, the applicable law to property transmitted by legacy is the law of residence at the time of death. This law is unique and applies to all goods regardless of their nature.
In Europe, the law on succession is the one of the state in which the deceased had his/her habitual residence at the time of death. This law is applicable to the entire legacy.
Consequently, it would be a mistake to think the foreign nationality of the deceased maintains the applicability of his/her national law on succession. It is rather the opposite, the law of residence rules out the location of a previous residence or a foreign nationality.
This is a common mistake. In the Principality of Monaco and in Europe, this rule will more specifically draw the attention of Anglo-Saxon citizens, whose Heirs will have to combine the presence of non-compliant mandatory hereditary reserve and testamentary provisions.
However, opting for the law called professio juris is a real tool for estate planning in case it has been planned before opening the succession.
In the Principality, Europe and in many countries, it is authorized to select its law on succession. This choice is only open to the national law. Any other choice would be valueless.
Selecting your law on succession is a planning tool preserving stability. Nationality being steadier than the residence or domicile, this is often a common criterion to multiple generations of one same family all over the world.
The choice of law on succession is a right open to all. It is about first understanding the scope and then choosing one’s best interests.
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Our mission is to analyze your situation, understand its implications, listen to your wishes related to your estate planning, moveable and real property assets. Then, building-up a sustainable tailor-made solution in order to guarantee your wishes are respected anywhere
in the world.