It is important to plan your estate properly to ensure that it is transferred according to your wishes and, where applicable, those of your loved ones. Furthermore, in the vast majority of cases, it helps to avoid disputes between heirs at the time of passing. Where heirs, legatees or assets are located abroad or a move abroad is underway, international estate planning can prove essential to avoiding any nasty surprises, particularly in tax terms.
To plan your estate properly, you should determine your wishes, compare them against the relevant legal bases (in particular, the law on the reserved portion of an estate and related tax provisions), and then make the appropriate arrangements with regard to your testamentary dispositions (will or agreement as to succession). A thorough knowledge of the relevant civil and fiscal rules is essential to ensure the best possible planning. T&CO’s expertise in this area allows it to assist its clients during this process.
To avoid leaving your loved ones empty-handed after your death in terms of managing the inheritance and its assets (potentially including managing a company, self-employed business operations, or property) and to ensure that your last wishes are respected, it is highly recommended that you designate an executor in your will. This executor will administer the estate and ensure compliance with the wishes of the deceased. As part of their duties, the executor manages the assets of the inheritance, settles any estate debts, and distributes the assets of the estate in accordance with the deceased person’s wishes. Appointing a professional to act as your executor ensures that your estate is administered under the best possible conditions and provides substantial support to your heirs at such a difficult time. T&CO’s partners are readily available to assist in this capacity.