Family & Asset
Protection
Ensuring that your family and assets are properly protected could not be more important, especially if unexpected events occur.
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Here are five ways to ensure both are protected if something unexpected happens.
A man should never neglect his family for business
Walt Disney
01
Wills and Locally Attested Wills
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Home Country Will;
A home country will is crucial for expats, governing the distribution of assets left in their home country. It ensures that your wishes are followed and complies with local legal requirements, reducing potential legal complications. This will provides clarity and security for your beneficiaries, ensuring a smooth transition of assets. For expats, having a home country will is an essential part of a comprehensive estate plan, ensuring your assets are managed according to your wishes and offering peace of mind.
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Locally Attested Wills:
Ensure that wills are up-to-date to reflect the family’s current situation and local assets. In many countries, it is also crucial to have a locally attested will due to different legal and probate practices.​​​
02
Guardianship Documents
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Guardianship documents are essential in financial and estate planning for parents with minor children. They designate a trusted individual to care for your children if you are unable to do so due to death or incapacity.
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Permanent Guardian:
This guardian takes on long-term responsibility, making decisions about the child's education, health care, and overall welfare until adulthood. They provide a stable living environment and manage any funds or assets left for the child's care.​
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Temporary Guardian:
This guardian provides short-term care during emergencies or while arranging for a permanent guardian. They make immediate decisions about the child's welfare and ensure their needs are met during the transitional period.
03
Life Insurance
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When considering family and asset protection as an expat, life insurance is a crucial element to ensure your family's financial security. Here’s a closer look at why it’s essential and some examples of life insurance options available to expats:
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Importance of Life Insurance:
Life insurance provides a financial safety net for your family if something happens to you. This can cover living expenses, pay off debts, and fund your children's education, ensuring they maintain their standard of living and meet their future goals even in your absence.
04
Critical Illness Cover
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Critical illness cover is a type of insurance that provides a lump sum payment if you're diagnosed with a serious illness listed in your policy.
Unlike standard health insurance, which covers medical treatment costs, critical illness cover is designed to help you manage the financial impact of being unable to work due to illness.
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Importance of Critical Illness Cover
This lump sum can be used for anything from paying off your mortgage, and covering daily living expenses, to funding private medical treatment.
05
Family Trusts & Estate Planning
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Estate planning for expat parents involves preparing for the management and distribution of assets in the event of incapacitation or death. This includes creating wills, setting up trusts (such as loan trusts, absolute trusts, and discretionary trusts), and considering gifting strategies and life insurance to minimise taxes and legal complications.
Proper planning ensures assets are protected and distributed according to your wishes, providing financial security for your family.
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The Cost of Delay
Planning ahead is crucial because it helps reduce the burden on your family during difficult times, ensures your assets are managed and distributed as you intend, and minimises potential tax liabilities. Early and comprehensive estate planning provides peace of mind, financial stability, and protection for your loved ones, no matter where you reside.