Weekly Tip—Settling Foreign Property after Death

Credit: italyismylife

When we think about end-of-life plans – settling an estate, finding an estate lawyer – we think of our home base. But what about the individuals who have the burden of estate planning for a foreign property? What will become of their Alp lodges and Tuscan villas—should they be so lucky? If careless, one can land in a juicy quagmire.

Consider the case of James Gandolfini. When the Sopranos actor died at the untimely age of 51, the public was baffled by the poor management of his will and, in particular, of his home in Italy.

If you’re thinking about getting property overseas, be sure to equip yourself with excellent, local legal advice. It’s naïve and not uncommon to disregard the inheritance laws of other countries (ex. the Gandolfini property was meant to go to his son and daughter when they turned 25, but it turns out that Italian law may be able to inject a share for his wife, overriding his intentions).

Explore more of SevenPonds’ tips through the Practical Tips page, in which you can discover everything from memorial craft ideas to help with end-of-life planning.

Estate planning can feel like learning a language in and of itself – so when making the decision to invest in foreign property, consider the exigencies that will come from a different culture and a different set of rules.