Estate Planning Attorney on Leaving Offshore Assets
In many of our previous blogs, we’ve mentioned how estate planning can get complicated. If you have various properties, assets, and beneficiaries to consider, it’s easy to get overwhelmed and miss something. Perhaps no other type of asset is more complicated in estate planning than offshore assets. If you have assets out of the United States that you’d like to leave in your will, there are many stipulations to consider. Today in the Davidson Law Group blog, we discuss why offshore assets are such a complicated part of estate planning, and how they’re dealt with.
Why Are Offshore Assets so Complicated?
There are a number of reasons that leaving offshore assets in a will can be complicated, but the primary reason is the difference in-laws. Every country has different laws and different ways of handling transfers of property and assets upon death. Not only do you have to consider how the transfer is handled, but you also have to consider the tax implications. The legalities of estates are complex enough without involving a whole different set of rules. But when it comes to offshore assets you don’t really have a choice. You’ll need to consider the laws of whatever country your asset is located in.
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How do I Handle It?
Now that we have an idea of why estate planning for offshore assets is so complicated, we can look into what can be done about it. The standard procedure is to write up a foreign will. Basically, you’ll write your standard will and testament that will include everything except the offshore assets. You’ll then need a second, separate will drawn up that consists of all the offshore items. This is the simplest way to do it, and it creates the least confusion when it comes time to execute the will. Regardless, if you’re wanting to leave your offshore assets in a will, hiring an estate planning attorney is going to be the easiest way to do it.
Estate Planning at Davidson Law Group
Although estate planning is a sensitive and intricate matter, it doesn’t have to be difficult. Choosing Davidson Law Group for your estate planning ensures that your interests are accounted for and that your will is executed to your exact specifications. We’re extremely knowledgeable and experienced in estate and probate law, so you know you’re in good hands when you choose us. Contact our estate attorneys in Fort Worth, Allen, or Tyler to schedule an appointment.