Top 5 Things You Must Know About a Will to Protect Family Wealth Across Borders & Generations

When people think about estate planning, one document usually comes to mind: the will. A will is more than just a piece of paper, it’s your voice, guiding your loved ones and ensuring your wishes are respected after you’re gone.

But in today’s world, estate planning isn’t always simple. Many families live across multiple countries, with assets scattered in different jurisdictions. At the same time, wealth isn’t just transferred from one generation to the next, it’s often shared, invested, and preserved for children and even grandchildren.

That’s where cross-border estate planning and multigenerational wealth management come into play. Whether you’re in San Francisco with real estate in California and family in Canada, or you’re managing investments across Asia, Europe, or the U.S., having a clear and valid will is crucial.

Let’s break down the five most important things you need to know about wills, and why they’re so important for families navigating wealth across borders and generations.

1. A Will Is the Foundation of Your Estate Plan

At its core, a will answers one key question: What happens to your assets after you’re gone?

Without a will, state laws (or even foreign jurisdictions if you hold assets abroad) will decide how your estate is distributed. This can lead to lengthy court battles, unexpected tax consequences, and family disputes.

For example, if you own property in California but also have investments in the Philippines or Canada, not having a will that addresses these cross-border assets could mean your heirs deal with conflicting legal systems. A carefully drafted will helps avoid this chaos and ensures your estate plan reflects your wishes, not just local default laws.

Pro tip: Even if you already have a will, review it every few years, especially if your family or financial circumstances change. Life transitions like marriage, divorce, or acquiring property in another country can all impact the validity and effectiveness of your will.

2. Cross-Border Assets Complicate Things—But a Will Can Help

Modern families often live globally. Maybe you worked abroad and bought property there, or you have investment accounts in more than one country. While this might be good for diversifying wealth, it adds layers of complexity to estate planning.

Each country has its own inheritance laws, tax rules, and probate systems. For example:

• In some European countries, “forced heirship” laws may dictate who inherits certain assets, regardless of your will.
  
• In the U.S., state probate laws vary widely, which can slow down the process if your heirs need to coordinate across jurisdictions.
  
• Cross-border tax issues can reduce the value of what you leave behind if they’re not planned for in advance.
  

Having a valid will (and sometimes separate wills in each jurisdiction, carefully coordinated) is essential. This ensures your heirs aren’t stuck in legal limbo, spending years untangling international regulations before they can even access your assets.

Pro tip: If you have significant assets abroad, consult with an estate planner experienced in cross-border wealth management. They can help you minimize tax exposure and create a will that works across multiple legal systems.

3. A Will Protects Your Family Across Generations

Estate planning isn’t just about passing down wealth, it’s about passing down values, stability, and opportunity.

A will allows you to:

• Provide for your spouse or partner
  
• Ensure your children are financially secure
  
• Leave legacies for grandchildren or even future generations
  
• Appoint guardians for minor children
  

For families thinking long-term, a will is a critical part of multigenerational financial management. Without one, your heirs may face legal disputes that can drain family wealth instead of preserving it. Worse, it can fracture relationships among siblings or extended family.

Pro tip: Think of your will not just as a financial tool, but as a way to communicate your intentions and values. A well-written will provides clarity and prevents misunderstandings among heirs.

4. Taxes and Probate Can Erode Wealth Without Proper Planning

One of the biggest mistakes people make is assuming that once they’ve written a will, their estate planning is done. The truth? A will alone may not shield your heirs from taxes, fees, or lengthy probate processes.

• Estate Taxes: Depending on where you live (and where your assets are), estate or inheritance taxes can significantly reduce what your heirs receive. For example, U.S. estates above certain thresholds face federal estate taxes, and some states impose additional taxes.
  
• Probate Delays: Probate courts can take months, or even years, before assets are distributed. In cross-border cases, delays are often even longer.
  

A will is essential, but it should be paired with other estate planning strategies like trusts, tax planning, and lifetime gifting to maximize what your heirs actually receive.

Pro tip: If you expect to transfer significant assets across borders, consider working with a financial advisor who specializes in tax-efficient estate planning.

5. A Will Gives You Control—Not Just the Courts

At the end of the day, the most powerful thing about having a will is that it keeps you in control.

You decide:

• Who inherits what
  
• How assets are divided among family members
  
• Which charities or causes you want to support
  
• Who will handle your estate as executor
  

Without a will, courts and local inheritance laws will make those decisions for you. And while the law may distribute assets “fairly” in a general sense, it may not reflect your personal wishes or your family’s unique needs.

Pro tip: Don’t think of writing a will as preparing for death. Think of it as taking care of your family’s future, even when you’re no longer there.

Final Thoughts

Estate planning may feel overwhelming, but having a will is one of the most powerful ways to protect your family and preserve your legacy. It’s not just about dividing assets — it’s about giving your loved ones clarity, reducing stress, and ensuring a smooth transition across generations.

San Francisco families, especially those with assets across borders, should pay close attention: a well-structured will is essential to avoid legal hurdles and family disputes. If you haven’t updated your will yet, now is the best time to take action.

To learn more about creating a plan that fits your family’s needs, connect with InVision Capital Advisor — thoughtful planning today can help secure your wealth and peace of mind for tomorrow.