Wills / Trusts
There is no one-size-fits-all answer to the problem of international estates and expat wills, as each individual’s circumstances are unique and will require bespoke solutions.
Probate law varies greatly from country to country. It is likely that your assets will be frozen on your death, but any debts will continue to accumulate, which can leave loved ones in a complex situation. That is why we would always advise seeking expert legal guidance from our network of legal professionals.
After all, you work for a lifetime to amass your estate, so it makes sense to take the time to ensure as much of your legacy as possible is passed on to the people you wish to benefit from it.
We have the relevant expertise as well as experience of the issues to consider when making a will and particularly those relevant to expats caught between residency and domicile in more than one jurisdiction. Wherever you are in Asia, our UK certified advisor and partners can help you make the most of the tools available to you to minimize your IHT liability and leave a lasting legacy for your loved ones.
Trusts are becoming increasingly popular in recent years because it can override inheritance tax, gift tax, etc which would be incurred by the beneficiaries in certain jurisdiction’s if it is transferred through a Will. For this reason, the wealthy often choose to pass on the assets to their children and future generations through this vehicle. Although it involves recurring cost in the form of service fees to the trustee, it is still highly recommended as a long-term solution as it provides additional benefits such as tax savings and confidentiality.
The nationality or residency status, location and nature of family assets, profile and needs of the beneficiaries have to be evaluated before establishing a trust. The nationality or residency is of particular significance because of the tax implications.
A properly set-up trust fund ensures protection of asset and provides continuity of benefits to the beneficiaries, whom are generally family members across generations. Albeit its benefits, forming a private or family trust and its ongoing administration involve overheads, therefore it is essential to evaluate the need for establishing a trust.
Please get in touch if you would like to discuss in further detail and one of expert advisors at RP Financial will be here to assist.
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