Dual citizens of Israel and the United States may believe that the laws pertaining to a will, trust or estate plan that they created in one country will be applicable in the other country but that’s not always the case. The laws in the two countries differ on many important points. If you want to make sure that your legal documents for a will, a trust or an estate plan will be acceptable in both countries, consult with David Page Law, an expert in this area of law.
Wills, Trusts and Estate Plans
Before you establish a will, a trust or an estate plan, you need to decide which of these financial arrangements is applicable to your individual needs.
- With a trust, a third party – the “trustee” is entrusted to hold assets on the behalf of a beneficiary (or beneficiaries). The trust specifies the manner in which the assets are to pass to the beneficiaries.
- A will spells out how you want your assets distributed after your death
- An estate plan details how you want your possessions distributed after your death – items including your house, your car, other real estate, investments, furniture, jewelry and other personal possessions, your life insurance payout and your savings account.
By visiting a law office such as David Page Law where the staff is well-versed in laws regarding wills, trusts and estate plans in both Israel and the United States, you can make sure that you prepare for your assets to be transferred to your beneficiaries quickly, efficiently and by incurring as few taxes as possible.
Wills, Trusts and Estate Considerations with Dual Citizenship
If you have dual residency and/or dual citizenship in both the United States and in Israel, there are a number of special considerations regarding the preparation of a trust, a will or an estate plan.
- In which country would the distribution of assets take place?
- In case of a challenge, in which country would the case be held?
- Will your beneficiaries need to pay taxes on the assets that you leave them after your death? If so, in which country?
- If the terms of the will, estate plan or trust need to be taken to court, who will represent your interests as you documented them?
As you can see, there are many details involved in creating a will, a trust or an estate plan that go above and beyond what you might get by filling out a simple form online or through an office of a legal representative who isn’t familiar with the laws of both countries.
For that reason, you should visit David Page Law Office to learn more about what needs to be done to protect your interests as you consider how you want your assets to be divided after your passing.