Having an Estate plan can reduce the amount of taxes that will have to be paid, increase the likelihood that your assets are distributed the way you want and provide the liquidity needed for estate settlement expenses at minimum cost. There are several ways including wills, trusts and company structures that can be used depending on your individual circumstance.
What if you make no plans?
- Taxes – Many countries have estate taxes. The US and UK for example are around the 50% level (although it’s complicated).
- Probate Mess – You have to go through probate. Probate is the process of executing the transfer of assets from a deceased estate to the beneficiaries. Every country has their own process (of course they do!) and requires different forms and authorities.
- Forced Heirship – Some countries (China, France) have rules on forced heirship. This means, government policy dictates who gets your money. You don’t get a say.
- Quick Summary: Taxes and a massive amount of paperwork and running around.
Or, you can get planning now it’s up to you.
Who should consider?
- Anyone with assets to protect and bequeath.