Inheriting in an obscure country

[Anonymous]

Asking for a young relative. Their mom retired to their home country that is not exactly your garden variety tourist destination: think Iran, Russia, Venezuela and the like.
He doesn’t need to provide care but his mom is worried he won’t be able to navigate inheriting the property after she dies. He doesn’t know the language. He has relatives there but they aren’t close.
What would be the smart way for her to make sure he gets the proceeds after selling the inheritance?
She can appoint a lawyer and/or make a POA but if anything goes wrong her son has basically no recourse.
Before someone asks, she can’t really afford to move back to the US.

[Anonymous]

Have him buy it from her now. Then he can sell it later.

[Anonymous]

Anonymous wrote:Have him buy it from her now. Then he can sell it later.

She can just gift it to him, but again, how to sell? Even if he goes there, he will need a trusted interpreter/assistant? This might work in fact… one of the younger relatives can do it for a cut.

[Anonymous]

Can't be Russia. Property goes to children if no husband. One the person dies, they start looking for closest relatives. Takes couple of months and then the only child can sell the place.

[Anonymous]

If transferring money to her son is the primary concern, can't she just sell the house, bank the money and rent instead of living in her own house?

[Anonymous]

What country? If you can be specific, someone might have an actual answer that may help.

[Anonymous]

Anonymous wrote:What country? If you can be specific, someone might have an actual answer that may help.

+1. Also, unless the mother is filthy rich and owns an estate or a big spread downtown, it's likely not worth too much in USD in the countries listed.

[Anonymous]

Just post the country, it's not going to out the person and people can help.

[Anonymous]

The answer depends upon the specific country. And most would be surprised at the requirements in many countries.

[Anonymous]

Anonymous wrote:The answer depends upon the specific country. And most would be surprised at the requirements in many countries.

+1

[Anonymous]

Anonymous wrote:The answer depends upon the specific country. And most would be surprised at the requirements in many countries.

Yup. Even for Canada, property is considered sold when the owner dies and the estate is liable for capital gains calculated at market value at the time of death, even if there are multiple owners who inherit the decedent’s portion and the property isn’t sold.

[Anonymous]

OP here, I don’t think the issue is country specific. What matters is that:
-foreigners who don’t speak the language need a guide to be able to get around, unless one is super adventurous/sophisticated which this young man is not;
- legal issues need to be taken care of (inheriting and/or selling and then banking the money before transferring them) and it requires at least basic knowledge of the local language or again, a guide.

The mom has friends there but they are her age. Their kids don’t know the young man that well, and most of them don’t speak English that well. She has relatives and friends in the US as well, but again they are her age and who knows if they’ll be able to accompany her son to the funeral?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The answer depends upon the specific country. And most would be surprised at the requirements in many countries.

Yup. Even for Canada, property is considered sold when the owner dies and the estate is liable for capital gains calculated at market value at the time of death, even if there are multiple owners who inherit the decedent’s portion and the property isn’t sold.

The ownership issue is going to be taken care of - there is a will now and she is considering gifting it to her son now while she is still alive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What country? If you can be specific, someone might have an actual answer that may help.

+1. Also, unless the mother is filthy rich and owns an estate or a big spread downtown, it's likely not worth too much in USD in the countries listed.

It’s enough for a down payment here in the US

[Anonymous]

Anonymous wrote:If transferring money to her son is the primary concern, can't she just sell the house, bank the money and rent instead of living in her own house?

Renters aren’t as well protected there - 30 days notice and she needs to move which is hard at her age.