An Israeli estate plan ensures that your assets are distributed according to your wishes after your death. This is important for everyone who owns property, investments, or other valuable possessions in Israel. Everything you own – automobiles, bank accounts, real estate, personal possessions – are part of your personal estate. Without a formal estate plan, the courts may end up distributing your possessions, potentially leading to disputes and unintended outcomes. This possibility underscores the need for immediate action. 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. An estate plan is the optimal way to protect the rights of your beneficiaries and ensure your wishes are carried out.

What Does a Comprehensive Estate Plan in Israel Include?

A comprehensive Israeli estate plan can include any/all of the following elements:

1. A valid Israeli will for assets located in Israel,
2. A valid Israeli will for assets located outside of Israel.

This sounds like you can have two wills. Is this true? Yes, it is true, but it is not recommended.

Planning and administering estates involving properties in foreign countries and Israel is complex. There are significant differences in estate planning and property succession between foreign governments and Israel. For instance, American states and Israel have different types of wills, rules regarding trusts, and a distinct probate process. However, with careful planning, these differences can be effectively managed to ensure the smooth distribution of your property in either jurisdiction.

What else should an Israeli estate plan include besides these two types of will?

1. An Israeli healthcare power of attorney and/or advanced healthcare directive,
2. Israeli lasting power of attorney (“financial” or “durable” power of attorney),
3. A Financial Agreement (הסכם ממון) where appropriate.

You shouldn’t try to create an Israeli estate plan on your own. It must be drawn up by an Israeli attorney who is well-versed in all the complexities of Israeli inheritance law and foreign laws. This professional can guide you through the process and ensure your plan is legally sound. As of 2018, there’s no estate tax in Israel, but navigating the legal landscape without expert advice can be risky.

Contact Our Firm for a Complimentary Consultation

With our main office in Tel Aviv and branches in New York and Los Angeles, California, our firm is not just equipped, but highly experienced in handling your Israeli legal and business matters. We invite you to schedule a complimentary consultation with our experienced team, who are well-versed in all the complexities of Israeli inheritance law and foreign laws, to learn how we can help you with your comprehensive Israeli estate plan. You can trust our expertise to guide you through this crucial process.