Ex-Pats Must Make Estate Plans, Too

August 7, 2009

Many American couples and individuals move out of the country when they retire. Some purchase farmland in Tuscany. Others may purchase a small home in the Bahamas. Whatever the location, those who chose to live out the rest of their years in a foreign location need to be aware of the legal consequences of such a decision.

Many elderly individuals write wills, so that after they die, their assets can be divided amongst their surviving friends and relatives at their discretion. This is done with the assistance of a legal expert who specializes in estate planning.

However, when a couple or individual moves abroad, he or she need to make further preparations. It is important for the individual or couple to state which country’s laws that they want their will interpreted in. Other countries have very specific laws with which they interpret wills- and they can be applied to yours if not otherwise specified.