Trust Revocable Agreement With Other Countries
Description
How to fill out Florida Living Trust For Husband And Wife With No Children?
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FAQ
To pass the control test, your trustee cannot be both a non-citizen and non-resident. If they are, then your trust will likely fail this requirement and be considered foreign for tax and other purposes.
A living trust can help you manage and pass on a variety of assets. However, there are a few asset types that generally shouldn't go in a living trust, including retirement accounts, health savings accounts, life insurance policies, UTMA or UGMA accounts and vehicles.
Most nations do not recognize the trust as we do in the United States and will not necessarily follow the dictates of the trust instrument?or even recognize that the trust entity can own anything. Indeed, the simple Will may not work to transfer the property.
You can add foreign assets to a living trust, but the process is not easy. You will need a foreign lawyer to help you transfer the foreign assets into the trust. You may also need the foreign lawyer to create a new trust for the assets located in the foreign country.
Can a person who lives abroad be a trustee or a beneficiary of a trust? The answer is yes and no. It really does depend upon the jurisdiction.