Expat's 7 step guide to Estate planning

When immigrating, one of the challenges for expats is to complete the estate plan for expats. Estate planning is important because we do not know when our journey will take turns and do not have time.


Estate planning is a vast subject, however, our goal is to inspire you so that you may keep a tab on this important task.


We will give you brief steps for completing your estate plan.


STEP 1

Assess your wealth. We talk about summing up all the wealth in kind and dollar amount.


STEP 2

Decide on which estate plans you would need! In most cases, you would need Will, but if your wealth exceeds the tax-free allowance exclusion limit, you may need a Trust in addition to Will. You would need a Living Will and Power of attorney regardless of your wealth and status.


STEP 3

Create your estate plan. You may choose online services or a lawyer. Creating the best estate plan is crucial. Using online free templates for estate plans can put your inheritors at risk.


STEP 4

Legalize your estate plan by properly signing and witnessing. One or more things can turn your estate plan to be in compliant.


STEP 5

Prepare for an executor or trustee. You should make every effort to help the executor by providing as much information as you may need. The information may include providing estate plans, an assets list, a family tree, and an online account list with their login details.


STEP 6

Secure your estate plans with fire, water, and theft proof. If an estate plan is not found after a person dies, it is equal to someone who did not create an estate plan.


STEP 7

Your wealth and situations may change. The current estate plans may need updating. Please review your estate plans yearly and make changes accordingly. Learn and improve your estate plans which is a key to a successful estate planning journey. If you are unsure where to start and what to do? Please get your free eBOOK by joining HERE.


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