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News / European Succession Law

European Succession Law

30.06.10

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On 4th June 2010, the EU approved guidelines towards a single EU law to override the different laws operated by each EU country in order to give a single court the authority to determine successio

On 4th June 2010, the EU approved guidelines towards a single EU law to override the different laws operated by each EU country in order to give a single court the authority to determine succession.

The UK, Ireland and Denmark will not recognise these proposed new laws.

It does not mean that there will be one law throughout the EU, but rather only one law will apply to the deceased?s estate. The applicable law will be that of the country of the habitual residence of the deceased at the time of death. In certain circumstances (yet to be specified) the deceased might have chosen a different EU country?s law to that of his habitual residence.

Once that law is established, only that court in that country can determine the succession of assets located in other EU countries.

The reasons given behind this proposed change is to make it easier, faster and cheaper to wind up an estate with cross boarder assets or liabilities or claims. The EU announced that the proposed regulation ?is of paramount importance for the creation of a European Judicial Area?.

9th June 2010

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.
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