Planning for your future, retirement planning, seeking financial advice- all these points are regularly mooted when discussing the finances of expatriates. The common goal they all aspire to help you reach is security, security for yourself, but more importantly security for your family and loved ones.
While the above topics are certainly vital components in the engine that drives your post-work years, there is another, perhaps more important, topic of consideration when dealing with leaving a legacy of security- writing a will.
However, recent reports have suggested that many people neglect writing a will, often until it is too late.
Writing a will is one thing if you are living in your native country, but if you’re living abroad as an expat then writing a will throws up new factors to consider.
This can all be placed under the title of succession planning. Succession planning is a time-honoured system that has not really changed in its aims over the years- you plan to keep your wealth where it belongs- in the hands of your family.
A will is the most vital aspect of this, as it ensures your money goes to exactly the people who deserve it. Without a will, a whole manner of gold-diggers and charlatans could crawl out and attempt to lay claim to your money.
With such importance contained within the document, a will should be made with the utmost of care and detail. As an expat, you’ll have to be even more thorough than your onshore counterparts.