Why do you need to do Estate Planning?

Why do you need to do Estate Planning?

Peter Brigham Peter Brigham

Peter Brigham

Non-doms have a choice where to pay tax Fellow of the Institute of Chartered Accountants - ICAEW

发布日期: 2020年4月19日
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Estate Planning is about more than just writing a Will. Where there is an international element it will require a Private International Law analysis which will involve determining the law applicable to an estate, depending on nationality and residence issues and on the location of assets, and examining the related wealth transfer, and succession rules. It may involve working out how best to look after minor children, or vulnerable adults, reducing estate/inheritance taxes, reducing the complications and costs of probate alongside ensuring the provision of liquidity needed for estate settlement expenses at a minimum cost. Wills, trust and foundations, life insurance can be essential tools for estate planning.

As the world becomes increasingly globalized it is common to have family members residing in different countries around the world. Individuals now frequently choose to work outside their home country to find better employment opportunities. Investors are becoming more knowledgeable, looking for good investment opportunities, regardless of where the asset is located.

People brought up in traditional “common-law” jurisdictions find themselves living or with assets in “civil-law” jurisdictions and vice versa, where they may be unfamiliar with how these different systems operate and affect them during their lifetime and on death. We are used to working across civil law and common law countries and can help you manage the local issues, whether this involves common lifetime events such as marriage, divorce, adoption, or incapacity or whether it involves succession issues such as “forced heirship rules”. We help you plan to increase the likelihood that your assets are distributed the way you want in the case of death or incapacity.

This increase in the international mobility of families can make the process of transferring assets to the next generation a more complex process than that faced by earlier generations. Good estate planning is essential to make easier the transmission and respond better to the objectives set.

Estate Planning requires an understanding of a multitude of issues concerning the ownership of your assets during your lifetime, and the various family situations and events that may occur. It needs careful consideration of the wide range of tools available to manage and plan to achieve the estate planning aims and reduce uncertainty. It requires constant review to take account of changing circumstances and changing legislation and jurisprudence across the many countries which may be involved. Modern planning should consider your digital assets (such as crypto assets, domain names, accounts for websites, blogs, or Instagram...) and non-traditional assets (such as image rights or reproductive genetic material).

All Estate Planning should start with a review of how assets are currently held and considerable reflection should be given as to your wishes for these assets on the occurrence of certain events during your lifetime and afterwards. In which jurisdiction are they held? In whose name and how are they owned, and what is their legal nature? You should document how they were acquired, and whether held directly or through corporate vehicles, as all these facts may change the way they are dealt with. Thought should be given to Family Law issues and diverse subjects such as:

  • Marriage Regime – pre-nups and post nups, changing marriage regimes, civil partnerships and same sex-marriages.
  • The potential consequences of divorce (i.e. to whom do the assets belong in the first place?)
  • The effect of moving your residence, domicile or nationality from one country to another.
  • The effect of moving assets from one jurisdiction to another, or changing their nature by the use of SPVs.
  • What happens in the event of incapacity? Lasting powers of attorney.
  • Adoption, guardianship, and the capacity of minors to act.
  • The use of wills, for you and your spouse, regularly reviewing and revising wills for changing circumstances.
  • The use of lifetime gifts, life interest/usufruct, or the creation of charitable foundations.
  • The use of trusts, foundations and life insurance during your lifetime and afterwards.

Peter Brigham - Rosemont Monaco

ROSEMONT ESTATE PLANNING & FIDUCIARY SERVICES: THE LOCAL EXPERTS – WITH INTERNATIONAL SOLUTIONS 

Rosemont International provides a complete multi-disciplinary and multi-jurisdiction private client and corporate service.  

Experts in our Estate Planning team will provide clear practical advice to guide you through the regulation and taxation complexities to help you find the most appropriate estate planning strategy for you and your family, and to optimise the transmission of your estate, wherever you and your assets are located.

We can assist you by analysing and determining the law applicable to your estate, which will depend on your nationality, your residence/domicile and on the location and nature of your assets. We will take into account the legal mechanisms such as wealth transfer and succession rules as well as any local forced heirship rules to increase the likelihood that your assets are distributed in the way that you want on death or incapacity.

Rosemont operates in strategic locations in Europe, Asia, Africa and the Caribbean where our professionally qualified and experienced staff will assist you, your family and your business. We speak English, Russian, Mandarin/Cantonese, French, Italian, German and Spanish.

You can find links below to short summaries of Estate Planning, Family Law and Private International Law and Family Law issues in the countries were Rosemont International operates:

Please contact us for more information on our Estate Planning Services at [email protected]



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