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Estate planning in Shibuya, Japan, entails the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Japanese estate planning often involves creating a will, setting up trusts, considering life insurance policies, and understanding the laws of inheritance, including the legal frameworks that govern the taxation of an estate.
Common situations where you may require legal help in estate planning include drafting a will or testament, setting up a trust to manage your assets, assessing the tax implications of inheritance, understanding the legal rights of heirs, navigating the complex probate process, or contesting an estate distribution. Lawyers can also be invaluable if you have international elements to your estate, own a business, or need to create a tailored estate plan to cater to specific family needs or to protect your assets.
Estate planning in Shibuya falls under the jurisdiction of Japanese Civil Code and Inheritance Tax Law. Key aspects include the "Legal Share," where family members are entitled to a portion of the estate regardless of the will, the "Reserved Portion" protecting close family members from being completely disinherited, and strict formalities for wills which can be handwritten, notarised, or created with a secret testament. Additionally, Japan has a progressive inheritance tax structure which may significantly affect the estate value.
Your estate includes all assets such as real estate, bank accounts, stocks, and personal possessions at the time of death.
A will is not mandatory but recommended to ensure your estates are distributed according to your wishes. The creation of a will in Japan must follow strict legal formalities to be valid.
Without a will, the Japanese Civil Code's rules of intestacy apply, and your assets are distributed to relatives based on a set statutory order.
The Japanese system does not typically appoint an executor. Instead, heirs are expected to manage the estate together, though a will can specify an executor.
Heirs may be subject to Japanese inheritance tax, which is calculated based on their relationship to you and the value of their inherited portion.
Although you can leave assets to non-family members, your spouse and children are entitled to a legal share, which cannot be completely disinherited.
Yes, the inheritance laws might differ for expatriates, particularly regarding the applicability of foreign laws and the treatment of global assets.
A trust is a legal arrangement allowing a trustee to hold assets on behalf of beneficiaries, which can be helpful in managing your estate and tax planning.
Life insurance is typically not subject to inheritance tax if the beneficiary is designated, making it separate from the taxable estate.
In Japan, the family court handles probate, and the process involves filing the will, confirming the legal heirs, settling debts, and distributing the estate.
For additional resources on estate planning, you may consult the Tokyo Bar Association, which can provide referrals to lawyers experienced in estate law. The Japan Federation of Bar Associations also offers guidance on various legal matters, including inheritance laws. Additionally, reaching out to a tax accountant or a financial advisor who is well-versed in estate planning could be advantageous.
If you need legal assistance with estate planning, consider reaching out to an attorney with expertise in Japanese succession and inheritance law. They can help clarify your objectives, create a comprehensive plan, and ensure your estate will be dealt with according to your wishes. Begin by contacting a local law firm or legal professional through the Tokyo Bar Association or any reputable legal network that operates within Shibuya and Tokyo Prefecture.
