Do Wills Have Passports? Managing Assets Abroad

Planning your estate is complex enough when everything you own is in the United States. But what if you also have a vacation home in Mexico, a bank account in Canada, or an investment property in Spain? Owning assets abroad adds another layer of complexity to your estate plan.

While your will or trust is an essential tool for managing U.S. assets, international assets often require special planning to ensure they’re properly accounted for and transferred according to your wishes.

Wills and Foreign Assets

A will can cover foreign assets, but its enforceability depends on the laws of the country where those assets are located. Some countries recognize foreign wills; others require a separate, locally compliant will.

For example, countries such as France and Spain apply forced heirship rules, which dictate who inherits property—sometimes regardless of what your will says.

To minimize complications:

• Create a separate will for your foreign assets if needed.

• Coordinate with an experienced estate planning attorney to ensure your wills are compatible and don’t conflict with each other.

• Consult local legal professionals in the country where your assets are located to navigate its unique inheritance laws and procedures.

Using Trusts to Protect Foreign Assets

Trusts can be an effective tool for managing international assets, but their success depends on whether the foreign jurisdiction recognizes trusts.

• Common law countries like the United States, United Kingdom, and Canada generally honor trusts.

• Civil law countries such as France, Spain, and Italy may not recognize them at all.

If the country where your property is located doesn’t recognize your trust, additional planning will be required. A cross-border estate planning team can help structure ownership in a way that protects your assets while respecting local law.

Protect Your International Assets

If you own property, accounts, or investments in another country, integrated estate planning is key to avoiding delays, taxes, or disputes. A thoughtful plan can ensure your assets are protected, your wishes are honored, and your loved ones aren’t left facing red tape.

Start by scheduling a Peace of Mind Planning Session to explore your options. This one-hour consultation—typically $450—is free when you mention this blog. Take the first step today toward protecting everything you’ve worked for.

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