Interview with Nancy Garciacano, Head of Wealth Planning
What advice would you give expats who want to plan their estate as carefully as possible and avoid complications for their heirs?
It’s very important to:
- Specify your wishes as early as possible;
- Document your wishes in writing (will, mandate for incapacity, etc.);
- Seek advice from professionals with experience in international matters;
- Regularly update your plans in line with personal and legal changes;
- Inform your heirs of your general plans to avoid conflict.
Doing so will make life easier for your loved ones and preserve family harmony.
What precautions should expats take to ensure that their last will and testament is respected in multiple legal systems?
In most cases, it is best for an expat to draw up a will that complies with the law of his or her country of tax residence. It may also be useful to draw up a supplementary will in the country certain assets are located. In Switzerland, a simple will may suffice, but in other countries a notarial deed is required. That is why we help our clients identify the precise requirements for their particular situation – to ensure that their wills are valid and effective.
What impact do matrimonial property regimes have on expat estates, particularly in cross-border situations?
The matrimonial property regime determines what belongs to each spouse and what constitutes the estate. In an international context, a regime chosen at a given time may no longer be appropriate depending on the place of residence or changes in the family situation. It’s therefore important to check that the system is recognised in the concerned countries and to make revisions if necessary. A marriage contract or similar agreement may be necessary for making matters clear.
What special challenges do expats face in the event of inheritance if they own property in multiple countries?
There are two main challenges:
- Local taxation: Property is taxed in the country where it is located, regardless of where the deceased or the heirs live.
This entails multiple procedures and costs. - Complexity of distribution: The more heirs there are (particularly non-residents) and the higher the value of the assets, the more complex the estate.
In order to avoid delays and conflicts, optimal coordination between various legal systems is key. Well-structured planning can turn a potential burden into an asset with real added value.
What specific services does BCGE offer to simplify cross-border administrative procedures?
Our Wealth Planning team coordinates the collaboration between all involved parties. Thanks to our global approach, we can help our clients make the right decision, whether it involves:
- Drawing up a will;
- Drafting an advance directive in the event of incapacity;
- Setting up advance directives in the event of health problems;
- Anticipating cantonal, or even international, inheritance tax;
- Helping choose the right holding strategy (company, usufruct, spin-off, etc.) with our partners.
Our goal is to simplify our clients’ lives and protect their assets over the long term.
