“We specialize in estate management, and can serve as the Israeli estate managers of foreign estate managers in Israeli courts, as required by Israeli law”
Israeli inheritance law provides for management of estates in Israel after the death of the testator. There are two main types of estate managers:
Temporary Estate Managers: responsible for the estate prior to the issue of an probate order
Permanent Estate Managers: responsible for the estate on issue of a probate order
The main difference between the two is that the temporary estate manager is primarily responsible for safeguarding and organizing the estate, while the permanent estate manager is responsible for dividing the estate between the beneficiaries. In Israel, estate management is under the supervision of the Family Court and the general custodian.
Tax Implications for Foreign Citizens/Residents
One of the most important aspects of estate management – particularly in relation to foreign citizens and residents – is tax implications. Correct planning has to take into account taxation laws regarding trusts and tax regulations that apply in the country of citizenship or residence. Appropriate estate and inheritance planning by the testator is essential, and includes the implementation of processes and arrangements between beneficiaries which can reduce and even eliminate the payment of tax during distribution of the estate.
Estate Management in Israel
The cost of an estate manager in Israel is set by the Family Court and is limited by law. When a probate order is issued abroad and an estate manager outside Israel is appointed, it is still necessary to execute the process to obtain a probate order in Israel and to select an estate manager in Israel. Our firm specializes in the management of the estates of Israeli and foreign citizens and residents.