Estate planning for immigrants
The other day, a client mentioned to me that he was planning to make a will. As he is approaching old age, he wanted to ensure that his vast assets are well-protected and fairly distributed after he passes away. He also wants to properly manage his healthcare treatment by having a separate living will and healthcare proxy.
While preparing for the distribution and management of one’s estate is commonly practiced here in the US, my observation is that it is not widely adopted by most immigrants. It is probably attributable to culture or to the pre-existing mindset that having a will is only reserved for the rich. For me, regardless of the size of one’s wealth, having a will is one of the most thoughtful acts one can do in order to spare those left behind from all the messy family feud that is guaranteed to unfold.
Having a will is even more imperative for immigrants who have properties not just in the US but also in the Philippines. Keep in mind that these two countries have distinctly different set of laws governing trusts, estates, taxation vis-a-vis citizenship, residency and domicile. Thus, it is very important that an immigrant must consult with a very knowledgeable and experienced estate law attorney in order to have a better understanding on this matter.
You may ask what is a living will and a healthcare proxy mentioned in the first paragraph? Again, this is a practice commonly done here in the US which I hope to be adopted in the Philippines. Basically, a living will is a written statement that expresses your directions with regard to your healthcare treatment if you are physically or mentally incapacitated. A healthcare proxy is a document that shows the person you are designating to make healthcare decisions on your behalf if and when you are unable to do so. I remember when I was practicing as a nurse at Vicente Sotto Memorial Medical Center, when there was a critical judgment to make such as having a patient undergo emergency surgery or taking off the patient’s life support, we would have to wait for the unanimous decision by all the family members (and even those who are not). Having a living will and healthcare proxy undoubtedly, minimizes delay and indecision.
So please consider having a will, a living will or a healthcare proxy if you have not one. This will surely make the life of the ones you left behind simpler and drama-free.
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