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Living Trust for children outside USA

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nym9

Member
NY State, my bank accounts are in USA but my children and I live outside USA. I want to set up a living trust so that the children receive inheritance at age 18, and then gradually after that. I want a third party (ie not a friend or relative) to execute the trust throughout the lifetime of my heirs.

How would I do this? Is there a certain kind of attorney or law firm that handles this? I assume it would have to be in USA. Would I supply the contact information of my heirs so they would be able to distribute (wire?) the funds at the appropriate occasions?
 
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Zigner

Senior Member, Non-Attorney
NY State, my bank accounts are in USA but my children and I live outside USA. I want to set up a living trust so that the children receive inheritance at age 18, and then gradually after that. I want a third party (ie not a friend or relative) to execute the trust throughout the lifetime of my heirs.

How would I do this? Is there a certain kind of attorney or law firm that handles this? I assume it would have to be in USA. Would I supply the contact information of my heirs so they would be able to distribute (wire?) the funds at the appropriate occasions?
You will need to follow the laws of whatever country you reside in.
 

LdiJ

Senior Member
You will need to follow the laws of whatever country you reside in.
Its not quite that simple Zig...because the money is in a US bank. Yes, any trust he sets up would have to follow the laws of the country where he is located, but it would also have to comply with US banking regulations. Therefore he needs an attorney in his country that has a working relationship with an attorney in the US, to make sure that everything is compliant.
 

nym9

Member
Would the attorney control the funds, is that what the trustee does? And would the funds remain in my bank accounts? I'm not sure how the general process works.
 

LdiJ

Senior Member
Would the attorney control the funds, is that what the trustee does? And would the funds remain in my bank accounts? I'm not sure how the general process works.
I cannot tell you for certain...because I do not know the laws of your country regarding trusts. I am suggesting an attorney to help you design the trust at this point. I am not suggesting who should be the trustee, because the laws of your country will control that, for the most part. In the US it is not uncommon for an attorney to be the trustee, but I don't know what is the norm for your country.
 

TigerD

Senior Member
With the horrendous state of American banking laws, why on Earth would you leave your money here to be subject to the slow strangulation of American regulation? I'm doing everything I can to move money out of the US.

TD
 

nym9

Member
In the US it is not uncommon for an attorney to be the trustee, but I don't know what is the norm for your country.
Can't I set up a trust in the US which will be governed by US law, but with the beneficiaries living overseas?
 

LdiJ

Senior Member
Can't I set up a trust in the US which will be governed by US law, but with the beneficiaries living overseas?
You can, but quite frankly it does not make sense with your situation, unless you believe that your children will be residing in the US when it comes time for the trust to become active. Otherwise, you could be saddling your children with a trust situation that could be more complex than it needs to be...and with a situation where no one could really exercise any oversight over the trustee(s). Of course, since I don't know the trust laws for your country, the possibility exists that a US trust might actually be more functional, but that is the kind of thing that you explore with an attorney in your country who has dealings with an attorney in the US who can help you make the right decision.
 

nym9

Member
You can, but quite frankly it does not make sense with your situation, unless you believe that your children will be residing in the US when it comes time for the trust to become active. Otherwise, you could be saddling your children with a trust situation that could be more complex than it needs to be...and with a situation where no one could really exercise any oversight over the trustee(s). Of course, since I don't know the trust laws for your country, the possibility exists that a US trust might actually be more functional, but that is the kind of thing that you explore with an attorney in your country who has dealings with an attorney in the US who can help you make the right decision.
With a living trust, I am the trustee. My US bank/attorney is my successor trustee. Why does it matter where the beneficiaries live, they will receive either domestic or international payments.
 

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