One of the key areas of estate planning is creating a will, which is a legal document that expresses your wishes regarding how your property and affairs should be handled after your death. A will can also appoint guardians for your minor children, create trusts for your beneficiaries, and nominate executors who will administer your estate. However, a will may not be sufficient to cover all aspects of your estate planning, especially if you have assets or beneficiaries in different countries. In such cases, you may need to consider other options, such as creating multiple wills for different jurisdictions, or using international trusts or foundations to hold and protect your assets.

A trust is a legal arrangement where you transfer some or all of your assets to a trustee, who holds and manages them for the benefit of one or more beneficiaries. A trust can provide various advantages for estate planning, such as avoiding probate, reducing taxes, preserving confidentiality, protecting assets from creditors or claims, and providing flexibility and control over how and when your beneficiaries receive their inheritance. A foundation is similar to a trust, but it is a separate legal entity that can own assets and carry out charitable or non-charitable purposes. A foundation can also be used for estate planning purposes, such as ensuring continuity of family wealth, supporting philanthropic causes, or providing for dependents.

However, both trusts and foundations are subject to different legal and tax regimes depending on where they are established and where the settlor, trustee, beneficiaries, and assets are located. Therefore, it is essential to understand the implications of creating and administering a trust or a foundation in different jurisdictions, and to comply with the relevant laws and regulations that may apply. For example, some countries may not recognise trusts or foundations, or may impose strict reporting or disclosure requirements on them. Some countries may also tax the income or capital gains of trusts or foundations, or impose inheritance or gift taxes on transfers to or from them.

Therefore, if you are considering using trusts or foundations as part of your estate planning strategy, you should consult with qualified professionals who can advise you on the best options for your situation. They can help you design and implement a tailor-made solution that meets your objectives and complies with the applicable laws and regulations. They can also help you with other aspects of estate planning, such as drafting wills, setting up powers of attorney, dealing with immigration issues, or resolving disputes.

Estate planning is not a one-time event, but an ongoing process that requires regular review and update to reflect changes in your circumstances, preferences, laws, and regulations. By engaging with experts who can provide you with comprehensive and personalised advice on estate planning matters, you can ensure that your assets and legacy are protected and preserved for generations to come.