Estate planning topics for those with foreign possessions

On Behalf of | Sep 16, 2020 | Probate And Estate Administration

Many individuals in Nevada and elsewhere may accumulate a variety of assets as they navigate through life. In some cases, a person could even end up owning possessions in other countries, such as a yacht or a vacation home. Those who wish to include all their assets in their estate planning goals may benefit from gaining insight on their available options and some crucial factors to address.

Individuals who encounter similar scenarios may find that the first step to take could involve disclosing all assets during the initial stages of the process, including foreign possessions. Even if a possession resides outside the United States, it may still be relevant. Including such assets in initial discussions could help provide a person with insight on his or her options and information on any possible tax ramifications involved.

As planning for the future under similar circumstances can be somewhat complex, being thorough with information could also prove imperative. In some cases, it might even be necessary for a person to create two separate wills, one for property within the country and another for foreign assets. Experts indicate that having two wills could also prove beneficial during processes such as probate, as it could alleviate the need for additional measures, such as document translation.

Individuals who either own property in another country or are weighing the possibility of purchasing foreign assets may find it helpful to seek advice on their options. When facing a similar scenario, a person could choose to speak with an estate planning attorney for advice on vital topics to address. An attorney can work toward helping a client in Nevada make informed decisions about his or her situation and assist him or her in developing a plan to safeguard his or her wishes through the proper channels.