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What should you do if you have assets or heirs abroad?

On Behalf of | Mar 3, 2023 | Uncategorized |

One of the most important reasons you decided to plan for the future is so you could have control over what happens to your personal property in the future. You have the right to the final say over what happens to your assets, your valuables, your money and other aspects of your estate. Through careful estate planning efforts, you can ensure that you get to decide what happens to your stuff. However, this can be complicated when you have assets located in another country, or you have an heir that lives abroad.  

Passing assets through the terms of your estate plan is not always a straightforward process. You may find it helpful to learn about the options available to you regarding how you can accomplish this goal and feel confident in the accomplishment of your estate planning goals. Guidance during the probate process will be beneficial, particularly if there are assets or heirs located outside of the United States. 

Important considerations for your plan 

If you own assets outside of the United States, or you want to pass assets to someone who lives in another country after you pass, this is an important consideration for your estate plan. There could be critical differences between wills that are valid in the U.S. and those that are valid outside of the country. One of the most important factors to consider is the number of witnesses required when signing a will. Another important factor to consider is the potential tax implications of transferring or receiving assets abroad. 

In the United States, there is no federal inheritance tax, but estate taxes do apply in specific situations. However, other countries may have inheritance taxes, and the amount the heir could have to pay will depend on where he or she lives. There may also be taxes associated with transferring an asset from one country to another. 

Experienced guidance is critical 

You should not handle complex estate planning concerns alone. It will be in your interests to have knowledgeable guidance when creating an estate plan that handles the transfer of assets or wealth between countries. You may also benefit from this support if you are administering a Texas estate that includes complex instructions regarding moving property abroad or passing property to someone who lives in another country.