It is advisable to make a will when owning any property, whether you have one property you live in, or have a whole portfolio of investment properties. This way you can state who and what portion of the property goes to.
If you own property in a foreign country it is imperative to make a will in the country you are buying in, and adjust your English will to take into account your foreign one.
For example In Spain, purchasers are usually advised to write a Spanish will as the Spanish authorities will not recognise an English will for inheritance purposes. This means you should ensure that your UK will dovetails with your Spanish will so that the two don't contradict each other.
The inheritance laws and taxation regimes in foreign countries can be vastly different than those in the UK . Making the wrong decision about whose name goes on the title deeds can cost your beneficiaries a great deal of avoidable inheritance tax.
Failing to make a will in the local country to cover your investment property, could also mean that the property is distributed in a way you did not intend. It is essential to take legal and tax advice from professionals with in depth knowledge of both, thinking carefully about all your options, before making any decisions.
Remember your will can always be changed at a later date. If you leave it for another day and the unthinkable happens it could end up costing your loved ones £1000's.
