How Should I Leave My Estate to My Teenage Daughter and Siblings Overseas?
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Question:
I don’t have a will yet but am planning to have one soon. My wife and teenage daughter live with me here in the United States. I have siblings who live overseas. I intend to leave my inheritance to my wife and daughter, but if my wife and I both die, can my teenage daughter inherit 100% of my property? If all three of us die, how do my overseas siblings inherit my property?
Response:
Your daughter can inherit your property even before she reaches the legal age of majority, but until she reaches age 18 the courts would appoint a guardian or conservator to manage her assets for her. You and your wife in your wills can nominate the person or people you would like to fill this role.
You can also create a trust for your daughter either in your will or separately to hold your daughter’s inheritance on her behalf. The main advantage of a trust is that you can provide that the trustee you choose continues to manage the funds for your daughter until she gets a bit older, say age 25.
In terms of your overseas siblings, you can name them as the contingent beneficiaries of your estate. There are no restrictions on non-citizens or non-U.S. residents inheriting property. You just might want to name someone in the United States to act as executor or personal representative, since it will be easier for someone in the U.S. to manage the probate process.
In addition, if you do create a trust, you should name a U.S. resident as successor trustee to yourself and your wife. Many investment firms, such as Fidelity, will not permit non-U.S. residents to act as trustees.
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