Wealth and succession planning

It is the process of organising a person’s or family’s assets to protect, manage and pass them on in an orderly way, during life and after death, respecting inheritance rules and anticipating taxes.

A will is just one tool. Planning combines wills, trusts, companies, family agreements and tax analysis, depending on the assets and the family.

Not entirely. In Uruguay children (or, failing them, parents) are forced heirs entitled to between half and three quarters of the estate. Planning works on the free share and on how assets are managed.

No. Inherited real estate pays the ITP transfer tax: 3% in the direct line and 4% otherwise. Cash and shares pay no tax when inherited.

Each country applies its own law to the assets located there, so wills and structures should be coordinated in each jurisdiction, and the heirs’ countries’ taxes reviewed.

Yes, to manage assets for the family or minor children, as long as it does not reduce the forced heirs’ share.

No. It is especially useful when there are assets in more than one country, a family business or a blended family, even if the estate is not very large.