Offshore assets/bank inheritance in case of death... anybody?

[LegitBananas]

This isn't something I've seen discussed before but I think it is a valid concern. Hypothetically what would happen to all of your assets in a different country in the case of your death? Would your loved ones be able to provide a death certificate from your country of citizenship/residency to the country in which your assets reside and be able to access them? Assuming of course you haven't laid out any instructions or will of any sort. It seems unlikely that it would be effective.

 

[JackAlabama]

joseph15 said:
This isn't something I've seen discussed before but I think it is a valid concern. Hypothetically what would happen to all of your assets in a different country in the case of your death? Would your loved ones be able to provide a death certificate from your country of citizenship/residency to the country in which your assets reside and be able to access them? Assuming of course you haven't laid out any instructions or will of any sort. It seems unlikely that it would be effective.
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That is a lengthy process as many countries require their own process.
In HK you should have a local will for example, notarized by a lawyer there. You name 2 people who handle your assets there with your death certificate and thats it.
If you do not have a will, it will take longer.

 

[LegitBananas]

JackAlabama said:
That is a lengthy process as many countries require their own process.
In HK you should have a local will for example, notarized by a lawyer there. You name 2 people who handle your assets there with your death certificate and thats it.
If you do not have a will, it will take longer.
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I see, so what you are saying is that the money will still be retrievable in most cases after some processes (not gone to the state eventually)?

 

[JackAlabama]

joseph15 said:
I see, so what you are saying is that the money will still be retrievable in most cases after some processes (not gone to the state eventually)?
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yes, it depends on the state though. HK has a good legal system so there is no problem if you prepare.
other more banana-like places, I do not know.