Designing an Israeli Estate Plan Requires These Steps
| “There are no pockets in the funeral shroud” – Ancient Jewish saying. |
| An Israeli estate plan is for any Israeli who has any assets. Everything you own – automobiles, bank accounts, real estate, personal possessions – are part of your personal estate. So it is vital that you establish a formal estate plan so that your assets can be shared with your family, your friends, and any charity or charities that you choose. An estate plan is the optimal way to protect the rights of your beneficiaries. You want your assets to go to the person/persons of your choice, and you don’t want your beneficiaries to be deprived of any assets that you bequeath to them. And of course to prevent any will disputes in Israeli family court. Without a comprehensive estate plan, the courts may wind up distributing your possessions for you. |
| So What Does a Comprehensive Israeli Estate Plan Include?A comprehensive Israeli estate plan can include any/all of the following elements: |
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| This sounds like you can have two wills. Is this true?Yes, It is true but not recommended.
Planning and administering estates involving properties both in any foreign country and Israel are complex. Substantial differences exist between estate planning and succession of property in any foreign country as compared to Israel. American states and Israel provide different types of wills, rules regarding trusts, and a differing probate process. Careful planning can effectively reduce some of the differences that affect the distribution of property that you may own in either jurisdiction. See more about the Israeli probate process here |
| Other than these two types of will, what else should an Israeli estate plan include? |
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| A comprehensive Israeli estate plan must be drawn up by an Israeli attorney who is well-versed in all the complexities of Israeli inheritance law and foreign laws. As of 2018 there’s no estate tax in Israel.Tags:
LASTING POWER OF ATTORNEY ISRAELI DURABLE POWER OF ATTORNEY Israeli estate planning Israeli healthcare power of attorney Israeli will for assets located in Israel Israeli will for assets located outside of Israel |
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