Making a Will
Eliminating uncertainties
Writing a Will
A Will is the best way to ensure your wishes are carried out as intended after you’ve gone. Many people assume that their wealth transfers automatically to their loved ones, but if you die ‘intestate’ (without a Will), that may not necessarily be the case. Your beneficiaries may not receive what you wish to pass onto them, or your estate could lose significant value through inheritance tax.
Living in Japan
If you are a foreign resident and have assets in Japan, it is worth considering having a local Will in Japan. Without a Will, it will be difficult, expensive, and time-consuming for your beneficiaries to get access to your bank accounts, investments, and property in Japan. The tradition of handwritten Wills adds further complications for foreign residents to their estate planning. With many people also having assets abroad, it is essential to ensure no jurisdictional or tax conflicts within your estate planning.
Our Advice
Having a legally recognized Will and planning during your lifetime means that you can ensure your estate is distributed to your loved ones as you intended. At Argentum Wealth, we work with trusted partners specialized in writing local and international Wills, including Wills in Japan.
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Frequently Asked Questions
Do I need a will or a trust?
In many ways a trust acts in the same way as a will, however it is very difficult to successfully contest the wishes expressed in a trust when the creator of the trust passes away. Depending on your circumstances and accounts there are simple trusts which can be set up for you whatever the value of your holdings.
When should I start thinking about estate planning?
People need to start thinking about estate planning when they have dependents that rely on them financially. The more assets and wealth you accumulate, the more important this becomes. If you are a high net worth individual with dependents, this should be an integral part of your overall financial planning strategy.
Can I consolidate my international assets through a company?
Yes you can, although this only makes sense for clients whose assets are valued in excess of a million dollars. These are structures that would be ideal for high net worth individuals. We can advise and design structures for you depending on your personal circumstances.
What can I do about Inheritance Tax (IHT)?
This really depends on where you live, where your assets are based, your nationality and the overall value of your personal holdings. In most countries such as the US, UK and Japan there is a tax free IHT allowance of up to five hundred thousand dollars. As we advise on IHT planning case by case the best thing would be to contact us directly for more info.
Can you help with Inheritance Tax Planning in Japan?
Yes, however you would need to speak with one of our estate planning specialists for more details on this.