How do I transfer my assets in the US to my son in the UK?

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How do I transfer my assets in the US to my son in the UK?

I’m a European citizen, my husband is a New Zealand citizen, and we’re both living in the US. However, we would like to give all our assets/ collectibles etc to our son in the UK. How do we go about this and do we need to set up a foreign trust? We can value all under $10,000 to mark it as a gift.

Asked on September 17, 2010 under Estate Planning, Arizona

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I would possibly seek help from an estate planner in your area as to this matter, even if just for a consultation if the assets are not that much.  Generally, assets have what is known as beneficiary designations of some sort.  These can be "POD's" - Payable on Death designations - for bank accounts, Designation of Beneficiary forms for Life Insurance policies, Transfer on Death forms for autos, etc., that will allow the assets to transfer to him automatically upon your death without the need for probate.  It really depends on the asset(s) and how they are held.  A Will is also a good idea or a Trust that holds the assets.  It really depends on your situation.  Good luck.


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