New Balkans Law Office regularly advisesand assists clients on cross-border succession matters, where variousjurisdictions are involved, including Bulgaria and the United Kingdom. Ourlawyers including managing associate Petro Tyufekchiev (https://www.newbalkanslawoffice.com/author/petrotyufekchiev/) have significant experience inresolving cross-border succession issues, both in civil law and common lawjurisdictions, and he is a proud and fully qualified member of the Society ofTrusts and Estate Practitioners (https://www.step.org/).
United Kingdom vsBulgaria from a succession law perspective
The dynamic business and personalengagements between the United Kingdom and Bulgaria facilitate variousactivities such as incorporation of companies, property acquisitions,establishment of bank accounts, and numerous other transactions. Consequently,these interactions often lead to individuals owning and possessing assets inboth jurisdictions. When an individual passes away, leaving assets in bothjurisdictions, successors are confronted with significant challenges inresolving their succession issues and ultimately securing their rightfulinheritance.
Differences
The legal systems of Bulgaria and theUnited Kingdom exhibit numerous differences, some of which are outlined below(this list is not exhaustive):
- Documentation: In Bulgaria, a Succession Certificateis issued to certify the capacity of heirs, while in the United Kingdom, aLetter of Administration or a Grant of Probate (depending on the presence of awill) is issued. These documents differ significantly in their content andimplications. The Succession Certificate designates the entitled heirs, whereasthe Letter of Administration or the Grant of Probate designates the personauthorised to manage the deceased’s estate based on intestacy rules ortestamentary dispositions.
- Implications: In the United Kingdom, the executor oradministrator of the estate has greater control and discretion over thedisposition of the deceased’s estate. In Bulgaria, the appointment of anexecutor is limited, and the heirs often have the opportunity to manage the estateuntil distribution occurs.
- Distribution: In the United Kingdom, the executor oradministrator enjoys a certain degree of freedom and discretion in distributingthe estate. Conversely, in Bulgaria, the deceased’s estate is typically dividedamong the heirs voluntarily or through court proceedings known as”judicial partition.”
- OtherDifferences:Additional disparities between the jurisdictions revolve aroundsuccession-related matters, including: (i) survivorship rules; (ii) freedom oftestamentary dispositions; and (iii) forced heirship rules and reservedportions of intestate successors.
You can read more publications from the New Balkans Law Office at the links below.
How to Write Off Old Public Debts in Bulgaria?
NBLO takes part in IBA’s Global Insolvency and Restructuring Conference
NBLO takes part in IBA’s International Financial Law Conference
New Regulations for Investors in Bulgaria
Alternative Investment Funds as a Tool for Diversifying Investments
Bulgaria’s start-up visa: a route into EU markets
Benefits of Shareholders’ Agreements
How to prove my Source of Funds/Source of Wealth from crypto asset profits
Investor protection before the European Court of Human Rights
Crypto Wealth Planning and Asset Protection in 2023
A Comparative Study of the Leading IP Box Regimes in Europe