Administration of USA trust from Spain?
Publicado: Vie Abr 16, 2021 20:17
Hello. I am a USA citizen and resident who is planning my estate which includes, upon my death, creating trusts for my niece and nephew who are under the age of 15 and live in Spain. I am considering making their father the trustee of their trusts. He was born in the USA, and he married a Catalan woman, had children there and currently resides in Catalunya. He has a resident card in Spain.
My question: If I were to die and he becomes Trustee of the kids' trusts, would administration of the Trust be feasible from Spain? We wouldn't want the trust to become a "foreign" trust because of heavy taxation. (I have other options for trustees in the US but he would be best because I fully trust his judgment on managing the money for the kids.) I spoke with my estate planning lawyer who said most of the trust administration is done electronically but if he needed to get something notarized he might have to go to the consulate. I'm interested to hear if anyone has experience with this and knows just what is involved.
Thank you!
My question: If I were to die and he becomes Trustee of the kids' trusts, would administration of the Trust be feasible from Spain? We wouldn't want the trust to become a "foreign" trust because of heavy taxation. (I have other options for trustees in the US but he would be best because I fully trust his judgment on managing the money for the kids.) I spoke with my estate planning lawyer who said most of the trust administration is done electronically but if he needed to get something notarized he might have to go to the consulate. I'm interested to hear if anyone has experience with this and knows just what is involved.
Thank you!