Early Retirement & Financial Independence Community - View Single Post - Ok, another conundrum: wills & trusts for expats

Robert the Red · 01-12-2006, 12:29 PM

For financial assets (e.g., Vanguard accts), you could hold them jointly with your husband. *In case of your demise, the ownership would pass directly to your husband (he would have to provide a notarized copy of your death certificate, suitably translated if necessary). *This is how my wife and her widowed mother ended up holding everything in the last few years, and when my MIL died, the transfer of financial assets was pretty simple.

For other assets in the US you don't want to hold jointly, you could hold them in a revocable living trust, with your husband as the beneficiary. *Similarly, with IRAs, 401(k)s, etc., you could name your husband as beneficiary, and ownership passes on without court intervention.

You can probably set up a revocable living trust in the US for $1000-2000, if you need it. *But if all your assets here are financial (no real estate, no Van Goghs), then you may not need a trust at all if you set up joint ownership and beneficiaries properly.

For Italian assets, though, you'd have to follow Italian law.

01-12-2006, 12:29 PM	#7
Robert the Red Recycles dryer sheets Join Date: Aug 2005 Posts: 320	For financial assets (e.g., Vanguard accts), you could hold them jointly with your husband. In case of your demise, the ownership would pass directly to your husband (he would have to provide a notarized copy of your death certificate, suitably translated if necessary). This is how my wife and her widowed mother ended up holding everything in the last few years, and when my MIL died, the transfer of financial assets was pretty simple. For other assets in the US you don't want to hold jointly, you could hold them in a revocable living trust, with your husband as the beneficiary. Similarly, with IRAs, 401(k)s, etc., you could name your husband as beneficiary, and ownership passes on without court intervention. You can probably set up a revocable living trust in the US for $1000-2000, if you need it. But if all your assets here are financial (no real estate, no Van Goghs), then you may not need a trust at all if you set up joint ownership and beneficiaries properly. For Italian assets, though, you'd have to follow Italian law.