Estate planning is generally beneficial for most adults. People can make arrangements to provide for their dependents, protect their assets and ensure appropriate support if they have an emergency.
Immigrants living in the United States have a greater need for legal protection than many others. They may not have many connections in the United States to support them or their families in an emergency situation. Estate planning can prevent unnecessary complications when something unexpected occurs.
What types of estate planning are beneficial for immigrants living in the United States?
Establishing guardianship designations
The sudden death of parents can be a devastating trauma for children. They could end up placed in foster care and at risk of neglect or abuse. Other times, challenging circumstances, such as the deportation of a parent, could leave children at risk of removal from the country or foster placement.
Drafting a will allows a parent to name a guardian to care for their children in the event of their death. Parents may also want to consider drafting a Standby Guardian Designation addressing the possible need to place the children with a trusted individual in the event of their incapacitation, incarceration or deportation.
Planning for international assets
Immigrants may own resources in the United States and abroad. They may have beneficiaries living in more than one country. Without a valid United States estate plan, probate proceedings could quickly become very complicated for immigrant families.
Creating documents that identify assets both in the United States and abroad is critical. Accurately identifying beneficiaries and establishing appropriate plans to transfer resources based on their location is also important.
Addressing emergency scenarios
In addition to establishing guardian designations for minor children in the event of a tragedy or emergency, immigrants may also need to plan for their own protection. Advance directives and powers of attorney can help ensure that an immigrant receives support if they become incapacitated due to medical challenges.
They can authorize someone local to make medical decisions on their behalf. They can also make arrangements to manage their finances or run their business until they recover from a medical issue. Advance directives can also provide guidance on medical preferences, which may differ from standard practices based on an individual’s cultural and religious values.
Estate planning is often the last thing on an immigrant’s mind as they settle into life in the United States. However, they need the protection of a thorough estate plan. Sitting down to talk about personal needs and priorities with a skilled legal team can help people to better ensure that they and their loved ones benefit from certain kinds of legal and financial protection regardless of changes in their circumstances.