The decision to live abroad can be an exciting one. Making such a big change necessitates a lot of preparation, but estate planning is one area that’s frequently neglected.
Our Tampa estate lawyers recognize that creating a will, trust, or estate plan is not as fun as finding a new house in a new community or mapping out all the sights you will see. However, without a plan, your family and assets might be in danger if something goes wrong while you’re living outside of the United States.
Considerations When Creating Your Plan
There are a few key factors you’ll need to take into account when creating an estate plan if you’re living abroad. First, you’ll need to determine which country’s laws will govern your estate. You might not be able to have your estate subject to U.S. law if you don’t have any assets in the states. In that case, you’ll be subject to the laws of the country in which you’re living.
It’s also important to think about how you’ll maintain control over your assets while you’re living in another country. You might need to set up a trust or other legal entity that will allow you to manage your assets from afar. Otherwise, you might need to appoint a trusted friend or family member to act on your behalf.
Another consideration is how you’ll handle taxes on your assets. You might be subject to estate taxes in both the United States and your new country as well. It’s important to consult with an attorney and tax advisor to ensure that you’re taking advantage of any applicable tax treaties and to make sure that you’re paying all the taxes you owe.
Finally, you’ll need to consider what will happen to your assets if you die while living abroad. You’ll need to designate beneficiaries for your accounts and determine how your assets will be distributed. You might also want to consider setting up a revocable trust, which will allow you to change your beneficiaries or the terms of the trust if your circumstances change.
Don’t let estate planning fall by the wayside as you’re preparing to move abroad. Taking the time to create a solid plan now can save your family a lot of headaches and heartache down the road. Please contact our Tampa will and trust lawyers at (813) 438-8503 if you need assistance.