EU To Simplify Cross-Border Estates?

Proposed easing of the legal burden for cross-border estates

Regulations proposed by the European Commission (EC) to simplify international successions or estates (i.e. where an individual dies owning assets in more than one country) moved closer to final approval after a recent vote in the leading European Parliament committee.

Background

As a result of European citizens becoming increasingly mobile there are currently around 12.3 million Europeans living abroad in other EU countries which results in around 450,000 estates with an international element each year (10% of the total estates in Europe). These estates are valued at about 123 billion Euros. However, there are different rules on jurisdiction and applicable law in the 27 EU member states that complicate the issues surrounding cross-border estate administration and inheritances.