US-Based Trustee

A Foreign Beneficiary of a US Trust is a person who lives outside of the US and is named as the beneficiary of the Trust. If you are a foreign beneficiary, contact the US Trustee to get your distribution. The Trustee handles the Trust and its distribution.

After the death of the grantor, the Trustee’s must immediately notify all beneficiaries. Only when all the beneficiaries know of the grantor’s death can the process begin. The distribution process to foreign beneficiaries is complex. It requires many considerations which can consume a lot of time, money and effort.

Foreign Beneficiary Distributions

The distribution process has several steps.

The Trustee must contact the foreign beneficiaries. After informing them of the death of the grantor, they will need to get certain details. Like, bank details to make international money transfers. The main issue they may encounter is the procedure of transferring money. Remember, each country and bank have different laws and rules they follow.

The Trustee must also consider taxes, both domestic and international. If a Trustee give too much to a foreign beneficiary, this may lead to insufficiency of funds. This means that there is not enough money to pay taxes. In case of insufficient distribution, recipients may be unhappy. This may cause trouble for the Trustee.

Distributions Made Easy

Deciding the best way to distribute assets has many considerations. Get an experienced estate planning attorney. They will ensure the distribution managed and delivered on time.

If you are a foreign beneficiary of a US trust, schedule a FREE consultation with our office. We work with US Trustees and coordinate international distributions.