Thai wife, US brokerage

[NoDisplayName]

I was going through my accounts, checking that I had changed my beneficiary information, called Fidelity and asked what was needed when the thing happens.  Death certificate, IRS transfer certificate..... now need to research forms 5173 and 706-NA.

 

Asked about how to get the money transferred, could we set up an account for the Thai wife to put funds into, the rep said of course.  Can we do it now?  Yes, we can, of course that would involve W8-BEN form and US tax filing.

 

Can begin transferring funds as gifts, and stay under the TRD spousal gift limitation.  There will be funds in the account available, as it may take 6-8 months to get the IRS release certificate.

 

Fidelity rep will email forms to print, fill out and sign, scan and email back.  Process should take about a week.

[Foxx]

I'm curious.  No need for a will or probate?

[NoDisplayName]

4 hours ago, Foxx said:

I'm curious.  No need for a will or probate?

 

Apparently not, if I understand correctly.  You set up the beneficiaries on each account, setting wife to 100%, giving the brokerage instructions for disposal of assets.

 

We do have our downloaded DIY will, signed by a couple witnesses.  Unfortunately local government office refused to register a foreigner will.

Do retirement accounts pass through probate?

NO, as long as the beneficiaries are properly designated. Keep in mind that if the will stipulates anything about such accounts, the named beneficiaries take precedence over the will and the assets will be distributed to the named beneficiaries on the accounts.

https://www.fidelity.com/life-events/estate-planning/asset-strategies/retirement-accounts

 

 

 

Edited 2 hours ago by NoDisplayName