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Death While On Assignment
Money Matters Question
Q. I have a question about bank accounts in foreign countries. I am an American married to French man. We met and fell in love and got married in France. I worked in France and we put our money in a joint account. Just recently we were transferred to Brazil for his work and our bank accounts here are only in his name. A few months ago there was a terrible plane crash in Brazil where many expatriate workers were killed. I am 6 months pregnant and it started me thinking… What would happen to me if my husband was killed while on assignment? Would I have access to our money?
Jennifer
A. In this situation, you probably would not have immediate access to the bank accounts that are in your husband's sole name. I note that you do not mention the existence of any Will(s). In short, the laws of the United States, France and Brazil will all need to be taken into consideration to administer your husband's estate. Improperly drafted Will(s) or the lack of a Will could result in considerable time and expense to administer.
Your question also touches on some very important planning issues. In more general terms, what would happen will depend on the unique circumstances in each and every situation and the laws of each of the countries that are involved. In every situation, the core issues that must be discussed with an advisor experienced in cross-border financial planning include procedural issues. The procedural issues include whether or not documents such as wills, trusts, powers of attorney, health care declarations, living wills, etc. will be recognized as valid under the laws of another jurisdiction as well as "what would happen to me/my family" and related questions of "what are the employer's responsibilities?", "what are my responsibilities?".
To ensure that you and your family do not suffer financial hardship during the time it may take to administer a cross-border estate, it is critical that comprehensive estate plan is constructed after examination of all the relevant issues from the perspective of each jurisdiction involved. It should also be pointed out that a review will be required each time you are posted to a new location or acquire assets in another jurisdiction.
Jennifer A. Patterson, CFP® (US), CIMC™, CIMA® is Vice President of Patterson Partners Ltd., an international wealth management firm that specializes in cross-border financial planning.
Disclaimer: This column is intended to be of general interest to ExpatWomen.com visitors. Its suggestions and/or inferences are generalisations and do not address the needs of individuals, nor should they be relied upon in any shape or form. Please seek professional advice/counselling/therapy If you genuinely need assistance to talk through issues in your life right now.
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