As of Monday the 17th of August, the EU Succession Regulation will come into force for the estates of those who pass away on or after that date with the European Union.
As per the agreement from 2012, a regulation was passed which states that jurisdiction and succession law will apply to the entire estate of an individual is determined by his last place of habitual residence. However, the regulation also states that expatriates have the right to select whether their country f origins law will apply or the legislation from their country of last residency.
The EU hopes that its introduction will help resolve succession disputes caused by the large volume of migration between the EU member states. As it is recognised though, there remains to be some unanswered questions regarding which jurisdiction’s law will apply.
However, futher issues with the new regulation will only give further scrutiny to this problem area and will encourage others to act more carefully with their estate planning. It is advised by Baer & Karrer, a Switzerland based law firm, to take closer look to existing and future wills, as they may be rendered to be invalid if the regulation stands, especially to Swiss nationals who are currently considered to be non-EU nationals.