Estate planning can become increasingly complex when you have assets in multiple countries or jurisdictions. One question that often arises in these situations is whether it’s possible—or advisable—to create multiple wills. In this blog, we will explore the scenarios where having multiple wills might be beneficial and provide guidance on managing them effectively.
Can You Have More Than One Will?
Yes, it is possible to create multiple wills, but this approach should be taken with caution. In certain circumstances, having multiple wills can be advantageous, especially when dealing with assets in different countries. For example, if you own property or have financial interests in both Canada and the Philippines, you might consider drafting a will for each country.
When Might Multiple Wills Be Appropriate?
- Assets in Different Jurisdictions: One of the main reasons for creating multiple wills is when you have assets located in different countries. Different jurisdictions may have varying probate processes, tax implications, and legal requirements. Having separate wills for each jurisdiction can simplify the administration of your estate by ensuring that each will adhere to the specific laws of the country where the assets are located.
- Avoiding Delays in Probate: If you have assets in multiple countries, the probate process can be lengthy and complex. By having separate wills, you can potentially expedite the probate process in each country, as each will would be probated independently within its jurisdiction.
- Tailored Estate Planning: Different countries may have unique estate planning considerations, such as forced heirship rules or restrictions on how assets can be distributed. By creating separate wills, you can tailor each document to align with the legal requirements and cultural norms of each jurisdiction.
Considerations for Drafting Multiple Wills
While having multiple wills can be advantageous, it is crucial to approach this strategy carefully to avoid any potential conflicts or legal complications:
- Clear Asset Division: Each will should clearly specify which assets it governs. For example, your Canadian will might cover your Canadian bank accounts, real estate, and investments, while your Philippine will could address your property and accounts in the Philippines. This clear division helps prevent overlap and ensures that each will is effective within its intended jurisdiction.
- Avoiding Conflicts: To avoid legal disputes, it’s essential to include a clause in each will that revokes all previous wills except for the other will(s) you intend to remain valid. This clause should explicitly state that the wills are intended to coexist without conflicting with one another.
- Consulting Legal Experts: Given the complexity of managing multiple wills, it is highly recommended to seek legal advice from experts familiar with the laws of each jurisdiction. They can help ensure that your wills are drafted in a way that minimizes the risk of conflict and maximizes the effectiveness of your estate plan.
Is a Single Will Enough?
For most individuals, a single, well-drafted will is sufficient to cover all their assets and wishes, regardless of where those assets are located. A comprehensive will can address all aspects of your estate, from property distribution to guardianship of minor children, and can be more straightforward to execute.
However, if you have significant assets in multiple countries, or if the legal systems in those countries are particularly complex, multiple wills might be the better option.
How Northam Law Can Help
At Northam Law, we specialize in estate planning and can guide you through the complexities of creating multiple wills. Whether you need assistance managing assets across different jurisdictions or drafting a single comprehensive will, our experienced team is here to help. We can ensure that your wills are carefully drafted to avoid conflicts and comply with the legal requirements of each relevant jurisdiction. Our goal is to make the estate planning process as smooth and effective as possible, so you can have peace of mind knowing that your wishes will be honored.
Final Thoughts
Creating multiple wills can be a viable strategy for managing assets in different jurisdictions, but it requires careful planning and expert legal guidance. Whether you’re managing assets in Canada, the Philippines, or elsewhere, careful planning is essential to ensure your wishes are honored without complications. If you’re considering multiple wills, consult with an estate planning attorney who can help you navigate the complexities and create a plan that best suits your needs.
For more general information on estate planning in British Columbia, visit the Government of British Columbia – Estate Planning page.
Read other Frequently Asked Questions about Estate Planning:
What happens if I die without a Will?
Adding or removing someone from your property title – Pros and Cons
