As the saying goes, “there are only two things in life that are inevitable: death and taxes”. You are forced to think about the latter more often as an Expatriate as you attempt to minimalise your personal tax position.

Death, however, is a subject that is often avoided, and understandably so. No one wants to think of a world without them in it -- just the mere mention of it is glum and depressing. But reality dictates that death is an unavoidable part of life, which, from a financial perspective, needs to be dealt with.

A Last Will and Testament ensures that your estate will be managed according to your wishes, and will circumvent family problems and government intervention in your personal business. So, no matter how young you are, or feel, keep it is responsible to address the issue of making a Will whilst you are able to do so.

We also advise you to remember, that as an Expatriate, you are more likely to take hazardous journeys more frequently – whether it be through business or pleasure – as the life of an Expatriate invariably involves frequent flights using what can be seemed as perhaps ‘less-secure’ airlines. The standard of driving and road safety is often lower in many countries, health and safety often does not exist and so without quoting the actual figure for Expatriate fatalities, we are sure you understand what we mean.

Who Needs To Make Out A Will?

Unless you are down and out, with few possessions or relatives and no income, you should have a Will written up already. Single people may want to wait until they settle down to iron out their estate, but responsible family members should begin discussing their Will without delay. If you're recently married, it's important to discuss with each other how you want your assets allocated, if you have a young child, assigning a guardian is a must.
You don't have to have a spouse or several dependents to start a will, however. People who have businesses under their name need to deal with who receives control of the company after they die. Businessmen and investors have to decide where their money will end up posthumously or who will receive delicate assets like business secrets and other private documents.

Why Make Out A Will?

There are a million and one reasons to write out a Will, the most common being:

To give things away as you see fit:

A Will ensures that your assets and estate are divided up according to your specifications. If you die without one, the state will decide who (in your family) will receive your assets, regardless of the needs of your heirs and your wishes. This is critical because imagine, in the event of your death, the choice of ‘what goes where’ being left with your Government – would you want that?

For instance, if you have a spouse and two children, your money and belongings will be divided evenly between them. In doing this, they may ignore another relative, your best friend or a charity you wished to make a donation to.

To avoid family disputes:

Clearly delegating your precious belongings and hard-earned assets circumvents family disputes that can potentially arise. A will is a legally binding document, so any gold-digging relatives you never liked anyway cannot lay claim to things you gave to others.

To minimize taxes:

A will can minimize taxes. Upon your death, there is Inheritance Tax (in most countries) to be paid -- the amount depends on the size of your estate. If you grant gifts in your will to children or put money into trust funds, some of these taxes can be bypassed. One of our Advisors would be happy to discuss this with you and can help you get the most out of your assets.

To reveal sensitive information:

Finally, you can reveal and allocate sensitive information such as Offshore Bank Accounts, codes to safety deposit boxes and passwords to business accounts. You can ensure this important information does not get lost by including specific instructions in your will to the beneficiaries of these intangible assets. A business or investment can continue to grow after you die, thanks to your will.

So for all of those people reading this who do not have a Will in place, we would strongly urge you to speak to your financial Advisor who will offer advice as to what you should consider putting in your Will. Because of the complexities of International Law, each and every country has different regulations relating to Last Wills and Testaments and whilst our Financial Advisors would be willing to assist you in creating a draft Will and what items to consider including within it, we always urge people to take specific advice from a qualified lawyer when finally drawing up the document.

This may cost you a small fee now, but could save you a fortune in later life …… or death.