What is the process for wills regarding a shared holiday home in france?
What is the process for wills regarding a shared holiday home in france?"
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JOHN KITCHING, A DIRECTOR OF FRENCH LAW CONSULTANCY LIMITED, ANSWERS A READER QUERY Reader Question: We, and three other UK couples, have owned a holiday property in Brittany equally for
many years. What should we do with regards to wills, to clarify what happens if one or more of us dies? Where so many people own a property equally (in your case it sounds like it is held in
the default separate equal shares called ‘indivision’) it can lead to complications. As all of your circumstances will be different, and you may all have different wishes, you each need
tailored advice from a professional. In case a party loses mental capacity, I recommend you meet a local notaire and ask them to prepare a French version of a Lasting Power of Attorney,
called mandat de protection future. Read more: Is making a French will the right choice for multiple property owners? When considering your inheritance, the deceased’s share will pass
through their estate to their beneficiaries. If there is no will, French intestacy law leaves the deceased’s share to the nearest relatives, eg. spouse and children. If there is a will, it
depends on who the estate is left to. If it includes an election of English law, for example, then note that French inheritance law rules can still interfere here, depending on whether the
deceased is an EU resident or of EU nationality, and whether these apply to any of their children (also on whether any children claim French compensation rights). If all are UK resident and
UK nationals, the will’s terms can take full effect. If minors inherit, or a person lacking legal capacity, it can be difficult, slow and expensive to deal with the acceptance of the estate
and any sale of their share. On death, a notaire must record the inheritance and transfer of title, and inheritance tax, notaire fees and stamp duty must be settled. If the parties are
considering leaving their share to surviving co-owners in a will (where possible, given French reserved heir rules protecting children) please note that if you are not bloodline relations
you would face 60% inheritance tax (less a paltry allowance of €1,594). Read more: What will happen to our holiday home in France when we die?
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