What are the most common financial planning issues facing expats?
By Robbie Lawther, 9 Jun 23
Clients need to get advice before they have moved
Question 5: How vital is inheritance/estate planning when retiring abroad with assets based back in the UK?
Paul said: “This is one of those really subjective questions. Estate planning is something that is very important to families and something they want to take a lot of action on.
“There are some quite straightforward steps and there are pretty clear rules, specifically in the UK, about what the inheritance tax rules are for both UK assets and non-UK assets if you’re retiring abroad.
“However, as with any sort of estate planning, you are balancing what you want out of life and the flexibility you want to live with, trying to be the most tax efficient you can be.
“You are trying to balance efficacy versus control. And what I mean by that is, the more effective your estate plan tends to be, the less control you can have over the assets. So, this area is very subjective based on the families and how individuals feel about this.
“But you know, we are fortunate in the UK that we have some pretty clear rules around estate planning, specifically when assets are left here, and people are moving abroad. So just make sure you’re aware of those and then balance that with what your lifestyle requirements are.”
Tags: London & Capital
