Page 3 Doing Business in India Doing business in India Foreign investment policy Regulatory Environment Business Presence in India – Form of Entities
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It is possible to make an ‘international Will’ which will be accepted in overseas jurisdictions. The law in that country still applies in respect of the administration of the estate. In some countries this may mean that your immediate family members will automatically be entitled to a specified share in your estate and you are limited as to how much of your estate you are able to gift freely to whomever you wish by your Will.
An international Will might be a good option if most of your assets are in NSW and you have only a bank account with a modest balance in another country. If that other country also recognises international Wills it may reduce the difficulties in dealing with this bank account when it comes to administering your estate.
If you have substantial assets both in NSW and overseas, it is still recommended that you make a Will in NSW dealing with the NSW assets and another Will in the other country dealing with the assets in that country. This approach ensures that you obtain professional legal advice in each country, giving proper consideration to such issues as the appointment of executors, the local procedures for probate and estate administration, and taxation implications such as inheritance tax.
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