probate

Japan has only one estate tax treaty, signed with the United States in 1955.  The treaty is designed to prevent double taxation for inheritances that involve both US and Japanese inheritance tax law.

In order to determine inheritance tax in Japan, the location of the inherited asset plays an important role.  Determining this location is relatively simple for some types of assets.  For example, real property and personal property are located where they exist.  However, for less tangible assets, like bank accounts, that can be accessed from around the world, the situation is more complicated.

It is not uncommon for people to find themselves in the twilight years of their life to worry that their pet may outlive them.  People in these circumstances will naturally worry about who will take care of their pet after their death and wish to provide the necessary assets to ensure that their pet can continue to live a comfortable life even after its owner’s passing.  However, it is not possible to leave assets to a pet through a will in Japan.  Japanese probate laws mandate that the recipient of assets from a will must be a “person.”  Furthermore, pets […]