I have a piece of land and a business in Mexico but I have been living in Los Angeles for the last 40 years. Can I prepare a living trust and a will here so it would be valid when my children take it to Mexico? If so, does it have to be in Spanish? Thank you.
If the trust is drafted in CA, then CA would have jurisdiction. You may want to check with Mexico to confirm that they will accept a foreign trust for the assets you own there, or if you have to have one drafted there.
Mexico is a "civil Law" country. The US and most countries that were connected to England are "common law" countries.
Their inheritance systems can be very different.
They often do not recognize trusts.
You need an estate planning attorney licensed in Mexico
When the person gives you money, the person has an attorney and the attorney has a client, but not until then. Inspired by words of Abraham Lincoln
Yes. You may prepare a valid California estate plan including a Will and Trust. Mexico will honor any estate plan which complies with the law in the jurisdiction in which it is written.
Some attorneys prepare two estate plans in circumstances such as this:
California estate plan which deals with American assets, and
Mexican estate plan which deals with Mexican assets.
You also need to determine what type of foreign taxes (inheritance or transfer tax) your heirs may incur upon your death on your assets located outside of the USA.
Safest approach is to have specific instruments drawn up in USA and Mexico which comply with local law by a local attorney to avoid potential problems and expense later if that either country does not honor or there are legal difficulties honoring a US will or trust.
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