The Miramar murders were an alleged double murder and suicide that resulted in the death of three brothers who were members of a prominent Taipei family, writes Jonathan Colclough, partner at law firm BDB Pitmans.
Their father, the late tycoon Huang Jung-tu, had built up a large business empire estimated to be worth $3bn (£2.2bn, €2.4bn), which included famous hotel and retail chain empire the Miramar Group.
The shootings took place during a corporate meeting in November 2015 at the headquarters of part of this empire, the Mayfull Food Corp, one of Taiwan’s major meat importers and distributors.
A dispute broke out about how to split the inheritance of the business left by their father and the younger brother reportedly took out a pistol and shot two of his brothers before he committed suicide with a single shot to his head.
Could this have been avoided?
Not all meetings to discuss inheritance end in murder. But many do end in dispute because there is no Will or succession plan in place.
The pandemic resulted in more people attending to their Wills.
However, there is still an overwhelming majority of individuals who do not have an up to date Will which reflect their current intentions.
For individuals with assets in other countries it is even more important to have a Will, or more than one Will.
One Will or more?
In some cases, it is appropriate to have one Will covering worldwide assets. In others, it makes sense to have more than one Will – an “international” or “offshore” Will or Wills.
One of the main advantages of having an offshore Will is that, instead of waiting for it to be submitted in the home jurisdiction before the offshore assets can be administered, the offshore Will can be submitted at the same time as the home Will. This should reduce the time and cost to finalise the estate.
For example, in Jersey the person entitled to administer the estate must make a personal appearance at the Jersey Court to swear the oath.
If they are unable or unwilling to fly to Jersey, then they will need to appoint a local agent to attend the court on their behalf.
If, however, there is a Jersey Will that appoints a local executor (eg a Jersey lawyer) it is a much more time and cost-effective way of dealing with the Jersey estate.
Regional differences
Another advantage is that where the offshore asset is a property, an offshore Will can minimize complications with the succession to the property.
From a practical perspective, the offshore Will can be drafted in the local language, use local terminology, and avoid drafting something that does not work.
For example, English Wills often include trusts which are, typically, not recognized in civil law jurisdictions (eg France) where according to this car wreck injury lawyer in Las Vegas, they share many other laws.
Furthermore, some jurisdictions have forced heirship rules which mean that assets in that jurisdiction can only pass in a prescribed manner.
Occasionally, an offshore Will can override such rules; otherwise, the home Will can compensate for this by seeking to balance out the distribution of the estate overall.
In the same vein, some jurisdictions have marital regimes (eg Italy). This can mean, firstly, that assets in the sole name of one spouse are, effectively, owned jointly by both spouses and, secondly, that those assets might not be free to dispose of by Will.
It is also possible that an offshore Will that has been drafted in accordance with offshore estate planning advice can utilise any available tax planning opportunities or reduce or avoid offshore probate fees.
South Africa
Other advantages are evidenced by South African Wills; these include a clause specifying how much can be charged, as a percentage, to administer the South African estate. This is binding and can be negotiated to reduce the cost.
There can also be exchange control concerns where, typically, the individual does not want offshore assets going to South African as part of the administration of the estate because there are limits on the amounts that can be taken out of South African.
Note that the South African exchange control rules are changing which is why local advice must always be sought.
Although there are certain disadvantages associated with offshore Wills, the risks of accidental revocation and partial intestacy are reduced by careful drafting and good advice.
Likewise, whilst it may initially cost more money to have more than one Will, the additional costs are offset by the money that the estate saves due to a more streamlined estate administration.
Family dynamic
The family dynamic is also very important.
In the Miramar murders case, the late father had been married twice with seven sons, and had a further two sons from another relationship, creating a myriad of complications.
This article was written for International Adviser by Jonathan Colclough, partner at law firm BDB Pitmans.
