Different jurisdictions can create a challenge, when it comes to estate planning.
A list of different estate planning problems created by globalization was recently published by Wills, Trusts & Estates Prof Blog in “Wills and Inheritances: 10 Cross-Border Tips.”
The most important thing to understand when property is located in a different jurisdiction than where you live, is that other jurisdiction’s estate laws. You need to carefully consider how that property will be handled and what taxes might be due on it.
When just dealing between states within the U.S., this normally does not create gigantic problems. However, when dealing with foreign nations that have very different laws, it can create headaches, if not properly planned.
If you have property that could be subject to laws outside of your state, it is important to contact an experienced estate planning attorney.
It may not be a good idea to download a do-it-yourself will or trust that does not take the laws of other jurisdictions into account.
An experienced estate planning attorney can guide you in creating an estate plan that fits your unique circumstances.
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