Wechat ID：
- Foreign lawyers team, connected at home and abroad
- Tel: 13689535661 (Mr. Zhao)
- WeChat: sz81197342
- Address: 21st-26th Floor, HKCG Tower, No.4011 Shennan Avenue, Futian District, Shenzhen, China.
Wealth Across Oceans_Legal Guide to Overseas Inheritance
source：www.zchlhls.com | Release time：2024年12月11日Overseas Inheritance Laws
I. Determining the Applicable Law
When dealing with overseas inheritance, you first need to identify which country's law applies. This usually depends on factors such as the nationality of the decedent (i.e. the deceased), the place of residence and the location of the estate. For example, the inheritance of a Chinese citizen will usually be governed by Chinese law, but if the decedent was a long-time resident of the United States and had U.S. citizenship, U.S. law may apply.
II. Inventory and Evaluation of the Estate
After determining the applicable law, a thorough inventory and evaluation of the decedent's overseas estate is required. This includes, but is not limited to, bank accounts, real estate, stocks, funds, insurance, works of art, and so forth. During the inventory process, relevant documents should be collected as far as possible, e.g. bank statements, property certificates, share transaction records, insurance contracts, etc.
Searching for a will
If the decedent had made a will during his/her lifetime, the estate should be handled in accordance with the provisions of the will. The will can be in the form of a self-written will, a will written on behalf of the decedent, a printed will or a recorded will. If the will involves an overseas estate, it is advisable to have it notarised and authenticated to ensure its legal effect in the relevant country or region.
IV. Legal Succession and Distribution of Estate
If there is no will or the will is invalid, statutory succession will apply. The scope of legal heirs and the order of succession vary from country to country or region to region. For example, in China, legal heirs include spouses, children, parents, siblings, grandparents and grandparents. The proportion of inheritance distribution also varies from country to country or region to region.
V. Tax Declaration and Payment
Overseas inheritance may involve inheritance tax, income tax and other tax issues. Tax laws and rates vary greatly from country to country or region to region. For example, the United States levies estate tax on overseas inheritance, while China has not yet introduced estate tax. When dealing with overseas inheritance, you should consult a professional tax advisor to understand the relevant tax policies, and make declarations and payments on time.
Seek professional help
As overseas inheritance involves complex legal procedures and cross-border factors, it is advisable to seek professional help from people such as lawyers and accountants. They will be able to provide professional legal advice, assist in the relevant procedures and safeguard your legitimate rights and interests to the fullest extent according to your specific situation.
VII. Other Precautions
Language barriers: If non-native speaking countries or regions are involved, it is recommended to seek professional translation services to ensure smooth communication.
Cultural differences: Different countries or regions may have different concepts and customs regarding inheritance, which should be respected and understood.
Time cost: Overseas inheritance usually takes a long time and one should be prepared for this.
Conclusion
Overseas inheritance is a complicated process, which needs to be well prepared by understanding the relevant laws and regulations in advance. We hope this article can provide you with some useful references to help you deal with overseas inheritance smoothly.
prev:
Can the court find out about overseas assets?
next:
Common forms of TNC divestment and legal risks
Shenzhen International Lawyers Network
WechatAdd WeChat
WechatAdd WeChat
wechat
contact
phone