Friday, September 25, 2015

Since August 17, 2015, it is now possible to choose the applicable law to your succession. This is the result of a new EU Regulation 650/2012 of 4 July 2012. It aims to provide people who have property interests in two or more countries to adjust their succession in a simplified manner by choosing the law that will govern the entirety of their succession.

Indeed, whereas previously the succession of the deceased Belgian resident who died in Belgium and owned real properties abroad was governed by Belgian law and, as regards to real properties located abroad by the law of the country in which these buildings were located, the new regulation allows to opt for the application of a single law.

The choice of law should be made expressly in a declaration in the form of a will. The future deceased may choose between the law of nationality when he makes his choice or the law of his nationality at the time of his death. Although it is a European regulation, the choice of law applicable to the succession may be entitled to a non-member state of the European Union if the future deceased is a national.

The scope of the Regulation covers all civils law aspects of cross-border succession. Modification or revocation is always possible if that choice no longer meets the objectives of the future deceased.

This European regulation therefore provides greater freedom to dispose of its assets and a certain predictability.