Initial Estate Planning Considerations for Dual Residents
Understand the issues that dual resident clients are faced with during the estate planning process.
Once it is determined that the client is a dual resident, the next step is to understand that the legal systems in which the dual resident’s heirs reside and/or the assets are located may have restrictions, or control over asset disposition or trust recognition, that can cause even a basic estate plan and the achievement of its essential goals to become totally ineffective. A basic U.S. estate plan is generally centered around two estate planning documents: a last will and testament and a revocable trust. This white paper reviews these documents and the options within those documents and discusses how to determine governing law that governs the property involved.