Legal Question in Wills and Trusts in California
How is a foreign brokerage account probated?
I am a British citizen living in California on a green card. I have no physical property in the UK, but I do have 2 brokerage accounts with a broker in the UK. Would those accounts fall into my estate here and be probated in CA or would they fall under UK jurisdiction?
1 Answer from Attorneys
Re: How is a foreign brokerage account probated?
Your estate may be probated in CA if you are a "resident" of a CA county- US citizenship not required. Intangible personal property (like bank and brokerage accounts) are "located" in the place of residence of the owner under CA probate code and British common law, so I THINK those UK accounts could come under the jurisdiction of a CA probate, but I AM NOT SURE. (This is an issue I have researched and even once posted a question here about, and I still don't have a definitive answer). Best advice? Talk to a solicitor in England and then call me and let me know what s/he thinks! Thanks!