Planning for the future in a financial sense is a vitally important aspect of life, yet bizarrely it is also something that many people put on the backburner, procrastinate over, or in some cases even forget about completely.
Doing so can have devastating repercussions to your future financial well being, regardless of how much money you are making in the present. This subject gains extra gravitas when factoring in the needs of a family. If you are an expat with a family then you don’t just have to plan for your own future, you also have to plan for the future of your spouse and children, and then for a future where you are not around. The crux of this point is simple- begin your planning as early as possible, and cover as many bases as you can.
As touched on, there will come a time when you are no longer around, and so you must have an idea of how to protect your family in the event of your death- inheritance planning.
Inheritance planning for expatriates will differ depending on where in the world you are, and where you come from, one of the main reasons for you to begin the procedure as early as possible. Different jurisdictions have different laws with regards to inheritance and the outcome of a written will.
The most vital aspect of inheritance planning is that the assets go to the people who you want to receive them. Without an appropriate Will that adheres to the laws to the country you are in, there could be disputes with regard to who is entitled to your estate.
The best way of making sure you have a valid Will in place is to seek assistance from a trusted financial adviser.