When a family member dies, the executor usually starts with what is close to home: the house, the local bank and the superannuation fund. For many of our clients the estate does not stop at the border. There may be a bank account in Malaysia, shares in Hong Kong, an apartment in Shanghai or a deposit in Indonesia. Overseas assets are often the slowest and most frustrating part of the administration.
Why overseas institutions are hard to deal with
Banks and registries abroad are not bound by an Australian grant of probate. Each country has its own rules about who may deal with a deceased person’s assets. Executors commonly run into:
- letters and emails that go unanswered;
- requests to attend a branch in person;
- demands for a local grant of probate or letters of administration, even where an Australian grant exists;
- requirements for notarised, apostilled or legalised copies of documents;
- translations prepared by approved translators;
- local inheritance or estate tax clearances before funds are released.
Resealing and local grants
Some jurisdictions, particularly Commonwealth countries such as Singapore, Malaysia, the UK and New Zealand, allow an Australian grant of probate to be resealed. Resealing gives the Australian grant local effect without a full new application. Other countries, including mainland China, Taiwan and Indonesia, have entirely separate succession processes, and a local lawyer or notary is usually needed.
The same issue arises in reverse. If the deceased lived overseas but owned property in Victoria, the executor will usually need either a Victorian grant or the overseas grant resealed in Victoria before the property can be sold or transferred.
Even within Australia, a grant from one state may need to be resealed before an institution in another state will release an asset.
Practical steps for executors
- Make a list early. Record every overseas account, property and investment, with statements, account numbers and contact details.
- Get several certified copies of the death certificate, Will and grant. Overseas institutions often keep originals or certified copies.
- Ask what the institution actually requires before preparing documents. Requirements differ between banks in the same country.
- Use notarial services correctly. Documents going overseas often need to be notarised in Australia and then apostilled or legalised. Getting this wrong means repeating the process.
- Coordinate with a local lawyer where a local grant is needed, rather than corresponding with the bank alone.
- Consider tax in both countries before distributing anything.
Plan ahead to make it easier
Much of this difficulty can be reduced while you are alive. Keeping a clear register of overseas assets, considering a separate Will in the country where significant assets are held, and choosing executors who are able to act in each place will save your family months of delay.
How Chua Tan Associates can help
We act for executors dealing with assets in Australia and across Asia. Our firm includes a notary public, so we can prepare and notarise documents for use overseas, and we coordinate with lawyers in Singapore, Malaysia, Hong Kong, Taiwan, mainland China and Indonesia. We work in English, Mandarin and Cantonese.
Related reading
Chua Tan Associates acts for families, executors, trustees and their professional advisers in estate planning, estate administration and estate disputes in Australia and across borders. To arrange a confidential consultation, please contact our Melbourne office on +61 3 9602 3988 or submit an enquiry. Advice is available in English, Mandarin and Cantonese.
Justin Chua (蔡智勋), lawyer and mediator, Chua Tan Associates, Melbourne. General information only, not legal or tax advice. Victorian law unless stated otherwise.
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