Some Georgia residents are fortunate enough to own a vacation home in another country, a business venture on distant shores or a boat registered in a foreign port. While all of these assets can be incredibly rewarding, they also pose a specific set of estate planning needs. Wills and other documents must be structured in very specific ways to ensure these assets are handled properly once the time comes.
The best approach is to consider these issues at the time a new asset is acquired. The manner in which a piece of property or business asset is owned will factor in to how that asset can be handed down at the time of death. For those in Georgia who own foreign assets, it may be time to review the structure of those holdings and make changes where needed.
Another issue involves jurisdiction. There are cases in which it makes sense to have two wills, one in America and another in the nation where the assets are held. That can help avoid legal challenges and make things easier for heirs. Disclosure is another important issue. Many people fail to mention foreign assets during the estate planning process, which can leave gaps in the plan that are not in line with the owner's true wishes.
For Georgia residents who own property or business interests in foreign lands, estate planning may take a few additional steps. Beginning that process now ensures there is time to make any necessary changes well in advance of that plan coming into play. Drafting wills and other estate planning documents that address foreign assets is an important part of creating a comprehensive planning package.