Most expats think they should create an expat will<\/a> in passing down assets. There are two problems with this:<\/p>\n\n\n\n <\/p>\n\n\n\n I was at a convention recently where one speaker, who deals with expat clients like myself, is currently helping the bereaved family.<\/p>\n\n\n\n The family had investimenti offshore<\/a>, land, property and many assets. Over a year on, and the money from the land, property and bank accounts still hasn\u2019t been passed on. It is going through probazione<\/a>.<\/p>\n\n\n\n In comparison, the insurance-investment provider paid the family in three days. Yes three days after the death certificate was sent to them!<\/p>\n\n\n\n What was the reason for this speed? They have a system where you can elect a beneficiary, which is a letter of wishes.<\/p>\n\n\n\n Provided the beneficiary has the death certificate, there is no reason why probate is even needed, from the point of view of plenty of these investment providers.<\/p>\n\n\n\n Of course, it is unlikely that you will know which providers have these processes, and can be relied upon to pay out quickly.<\/p>\n\n\n\n A good advisor<\/a> can help. I have seen the massive differences between providers when it comes to paying out family members.<\/p>\n\n\n\n The above doesn\u2019t mean that wills are a bad thing. It merely shows that there can be more efficient ways to deal with the situation.<\/p>\n\n\n\n Some investment providers allow you to change the ownership of an investment account. That means you can change it into a joint name, or even give it to your children whilst they are alive.<\/p>\n\n\n\n Others don\u2019t allow it. Whilst it is true that changing the ownership of accounts when you are alive can have tax implications, so can inheritance tax when you die, as shown by the current rates in the UK from Which.<\/p>\n\n\n\n Therefore, it can make sense to carefully consider this factor.<\/p>\n\n\n\n Gifts can be a tax-efficient way to reduce inheritance tax, and even if they aren’t, it can reduce anxiety.<\/p>\n\n\n\n Trusts hold the asset for the family. You don\u2019t need to be super rich to own a trust.<\/p>\n\n\n\n Having a trust means that if you are incapacitated or dead, the assets can be used as you have set out.<\/p>\n\n\n\n In comparison, life insurance is a good way to deal with a \u201cliquidity event\u201d, which in human terms means needing cash quickly.<\/p>\n\n\n\n Going back to the aforementioned advisor whose family still hasn\u2019t got the money more than a year after the death of their father, they are due to pay imposta di successione<\/a>.<\/p>\n\n\n\n It is normal for people to Google \u201cwhat happens if I can\u2019t pay inheritance tax\u201d. This is especially an issue if most of the assets are held in things that are difficult to sell, such as land, property and private businesses.<\/p>\n\n\n\n It can be relatively cheap to get millions in life insurance, especially as an expat. That can tide over a family, and pay the inheritance tax bill, without being out of pocket.<\/p>\n\n\n\n Many expats assume they don\u2019t have to pay inheritance tax because they are a non-tax resident. That is usually not the case.<\/p>\n\n\n\n Take the UK as an example, where I am from. It is relatively easy, as a British expat, to not need to pay UK income and other taxes, provided I don\u2019t spend too many days in the UK, or own too many UK assets such as property.<\/p>\n\n\n\n\n
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2. Deal with providers where ownership can be changed<\/strong><\/h2>\n\n\n\n
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<\/figure>\n\n\n\n3. Consider trusts and life insurance<\/strong><\/h2>\n\n\n\n
4. Don\u2019t be complacent about domicile<\/strong><\/h2>\n\n\n\n
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