What Should be on Your Estate Planning Checklist as an Expat or HNW Individual? 

A complete estate planning checklist should cover five key areas: an up-to-date and properly executed will in each relevant jurisdiction, a realistic retirement cash flow analysis, correctly titled assets and beneficiary nominations, including digital assets, trust structures where they add value, and professional cross-border advice where your wealth, family, or assets span more than one country; the foundation of effective cross-border estate planning. Each area protects against a different point of failure in the wealth transfer process.

Table of Contents 

1. Key Takeaways  

2. Why are so Many Expats and High-Net-Worth Individuals Underprepared?

3. Checklist #1: Draft or Review Your Will  

4. Checklist #2: Stress Test Your Retirement Cash Flow  

5. Checklist #3: Update Beneficiaries, Asset Titles, and Digital Assets

6. Checklist #4: Consider Trusts to Supplement Your Will  

7. Checklist #5: Map Every Jurisdiction Where Your Wealth Sits

8. FAQs

Key Takeaways 

• 26.9% of High-net-worth individuals across Asia-Pacific have a full succession plan; Malaysia is among the least-prepared markets in the region.

• A will directs asset distribution but doesn't cover incapacity (a power of attorney is the instrument that does), cross-border tax efficiency, or assets that pass by beneficiary nomination.

• Digital assets and crypto need a separate, secure access plan. Never written into the will itself.

• Trusts can add privacy, in some instances avoid probate, and provide continuity that a will alone doesn't.

• For internationally mobile individuals and families, coordinated legal, tax, and wealth management advice across every relevant jurisdiction is the foundation of a properly structured estate plan.

Why are so Many Expats and High-Net-Worth Individuals Underprepared? 

Estate planning intentions and estate planning follow-through run on different timelines. A 2026 Lombard Odier survey of more than 390 high-net-worth individuals across APAC found that only 26.9% had a full succession plan in place, while 39.4% had none at all, and Malaysia was named among the least prepared markets alongside Japan, the Philippines, and Hong Kong. HSBC's global survey of family-business entrepreneurs found a similar pattern: 78% want to keep their business in the family, but 52% have no formal succession plan, rising to roughly two-thirds in mainland China, Hong Kong, and Taiwan. Wealthy Americans show the same gap; over half lack a formal estate plan, and more than a third have no will, despite 87% saying they feel prepared to pass on wealth.  

The pattern across all three regions is the same: confidence and intention are high, but execution lags. For expats specifically, the gap widens further, since a plan built for one country's legal system rarely transfers cleanly to another, leaving long-term financial security exposed to avoidable risk. The cautionary examples are well known; the prolonged dispute over Aretha Franklin's estate, which lacked a clear, properly executed will at the time of her death, is a widely cited illustration of how much unresolved decision-making falls to courts and family disagreement when planning is incomplete.  

Use the five checklist items below as a starting point for closing that gap.

Checklist #1: Draft or Review Your Will 

"Having an up-to-date will is a vital part of the process when we discuss estate planning with our clients. Having a will in place allows individuals to ensure their assets are distributed as they wish. It also reduces the risk of family disputes and lengthy probate during an already tough period."  ~‍Luke White, Private Wealth Manager, Melbourne Capital Group

A will is the foundation of any estate planning document, but for internationally mobile individuals, a will is rarely sufficient. At Melbourne Capital Group, we work with clients to put a separate, properly executed will in place in each jurisdiction where they hold assets, reducing the risk of recognition challenges, probate conflicts, and forced heirship complications.  
Read more: Succession planning with multi-jurisdictional assets.

A few things to check when drafting or reviewing a will:  

• Clear, valid, up-to-date documentation - Properly executed with witnesses and notarisation where required, so its authenticity isn't open to challenge. A power of attorney should be reviewed alongside your will, since it covers decision-making during incapacity, which a will does not.

• Specific bequests and distributions - The more precisely assets are described, the less room there is for disagreement among beneficiaries.  

• Tax Exposure - Inheritance and estate tax vary widely by jurisdiction; the UK's nil-rate band, for example, remains frozen at £325,000 through April 2031, with a further £175,000 residence nil-rate band available in a qualifying home left to direct descendants. Estates above these thresholds are taxed at 40% on the excess, making tax planning strategies an essential part of any cross-border plan.  
  To learn more about navigating UK inheritance tax in 2026, click here.

• A separate international will, where relevant - Holding assets across multiple countries generally calls for either a coordinated international will or separate situs wills, particularly where civil law jurisdictions apply forced heirship rules that override a foreign will's instructions. The EU Succession Regulation (650/2012), also known as Brussels IV, allows EU residents to choose the law of their nationality to govern succession rather than the law of their country of residence. However, the election doesn't extend to assets outside the EU.

• Coordinated legal and wealth management input - Whether your estate is straightforward or spans multiple jurisdictions, the estate planning process benefits from being developed in coordination with legal and tax specialists rather than treated as a standalone document. We work alongside a trusted panel of lawyers, tax advisers, and accountants to develop an all-encompassing plan for every client. Here is an example of a discussion we had with experts from Maybank Trustees, Chooi & Company, and STEP.

Checklist #2: Stress Test Your Retirement Cash Flow 

Retirement planning and estate planning are two sides of the same exercise: one determines what you'll need while you're alive, and the other what's left to pass on.  

"Carrying out a cash flow analysis with clients allows us to provide a glimpse into what their retirement years will look like if they maintain their current financial habits. This can also act as a warning sign that their current provisions may not be sufficient and allow us to put a plan in place to reach their longer-term retirement goals." — Luke White, Private Wealth Manager, Melbourne Capital Group.

A cash flow analysis maps current spending and assets against future retirement needs, factoring in cost-of-living increases and life expectancy. For expats specifically, this also means accounting for tax obligations in both the country of residence and the country of retirement, including understanding how pension income may be treated under a double taxation agreement.  

Read more on NT tax code and how to balance your retirement income & expenses

Checklist #3: Update Beneficiaries, Asset Titles, and Digital Assets

Beneficiary designations and account titling often determine how an asset transfers, sometimes overriding what the will itself says. Insurance policies, retirement accounts, pension plans, and annuities typically pass directly to a named beneficiary, bypassing probate entirely. Keeping these designations current is as important as keeping the will itself current.  

For a practical guide on organising these for your family, click here.

Digital assets need the same attention, with one added complication: online banking, email and cloud accounts, and cryptocurrency holdings should be inventoried as part of the estate. Still, the access details themselves create a unique risk:  

• A will becomes a public record once it passes through probate, so private keys, seed phrases, and passwords should never be written directly into a will.  

• A separate, securely stored digital asset memorandum lets an executor locate and access accounts without exposing credentials in a public document.  

• Where significant cryptocurrency is involved, multi-signature wallets or institutional custody solutions with built-in inheritance protocols add a layer of continuity that a standard wallet can't provide on its own.  

• Billions of dollars in cryptocurrency are estimated to be permanently inaccessible because owners have passed away without leaving any access instructions at all, a risk that has no equivalent in traditional banking, where an institution can usually verify and restore access.  

Checklist #4: Consider Trusts to Supplement Your Will

"When used correctly, trusts are a useful tool to outline exactly how and when assets are passed on to beneficiaries. They generally avoid the need for probate to allow the efficient passing of assets. Certain trusts can also be used to minimise the impact of death taxes in certain jurisdictions." —
Luke White, Private Wealth Manager, Melbourne Capital Group

A trust is a structure that holds and manages assets on behalf of a beneficiary, with three core roles:  

• The Settlor: provides the funds or assets that go into the trust

• The Trustee: The individual or firm legally responsible for managing the trust's assets

• The Beneficiaries: Those who benefit from the trust's assets.

The settlor can amend revocable trusts at any time, provided the settlor remains competent. Irrevocable trusts generally cannot be changed without a court order or the consent of all beneficiaries. From these two base structures come variations, including living trusts, charitable trusts, gift trusts, excluding property trusts, and cross-border trusts designed for estates that span multiple jurisdictions.  

A trust isn't a default requirement for every estate plan, but it's worth weighing here:  

• Privacy matters, since trusts generally don't become public record the way a probated will does

• Assets sit across multiple countries or states

• Beneficiaries include minors, individuals with disabilities, or family situations like blended or divorced families that benefit from more controlled, staged distributions

• The estate includes hard-to-value assets, collectables, rental property, or business interests that benefit from professional management rather than a one-time distribution

Checklist 5: Map Every Jurisdiction Where Your Wealth Sits

Every item above gets more complex once more than one jurisdiction is involved, which is why cross-border estate planning starts with mapping where your wealth actually sits. A will valid in one country may not be recognised the same way in another; forced heirship rules in civil law jurisdictions can override a will's instructions for assets located there; and tax treatment of trusts and digital assets differs by country, sometimes substantially.

For expats and high-net-worth individuals with cross-border interests, the practical step is less about choosing one document and more about coordinating legal, tax, and wealth management advice across every jurisdiction where assets, beneficiaries, or residency status sit.  
Here is what to audit:

1. Map every country where you hold assets - A will valid in one country may not be recognised the same way in another. Forced heirship rules in civil law jurisdictions can override instructions for assets located there. If you hold property, investments, or bank accounts across multiple countries, each jurisdiction may need its own legal instrument.

2. Audit how each asset actually transfers. The tax treatment of trusts, gifts, and digital assets varies by country, sometimes substantially. Assets like life insurance, EPF balances, and pension accounts often pass entirely outside the will via beneficiary nomination, meaning the will itself doesn't determine who receives them. Check that nominations are up to date across all accounts and jurisdictions.

3. Check for US estate tax exposure. Holding US-situs assets, including US stocks and ETFs, creates US estate tax exposure for non-US residents at a threshold of just USD 60,000, with no US-Malaysia tax treaty providing relief. This catches many expats off guard.  
   Read more: Estate planning for non-US residents with US assets.

Watch: Wills, Pensions and Tax Planning Across Jurisdictions

Want to learn more about how to protect your wealth, especially if you have assets in multiple countries, then watch this webinar here  

Ready to Build Your Estate Plan?

Wills and estate planning are necessary safeguards that keep you and your family from unnecessary hassle and burden during tough times. They ease the management of your assets and ensure your wishes are fulfilled in your absence.  

If you'd like to talk through your own estate planning checklist, get in touch with me, Luke White at lukewhite@melbournecapitalgroup.com. I'm always happy to walk through where your plan currently stands and what, if anything, needs attention.

Speaking with a qualified financial adviser early in the process helps you sequence these five checklist items correctly for your specific circumstances. Contact Melbourne Capital Group today if you’re looking for experienced professionals who offer estate planning and will-writing services in Malaysia. Whatever your financial goals are, we can help.

Still not sure what the difference is between an estate plan and a will? Click here.

FAQs 

1. Do I need a separate will for each country where I hold assets?  

Where assets are held across multiple jurisdictions, a separate will in each country is generally the more reliable approach. A single will from one jurisdiction may not be automatically recognised in another, and in civil law countries with forced heirship rules, local succession law may override foreign will instructions for assets situated there.

2. What is forced heirship, and does it affect expats in Malaysia?  

Forced heirship rules exist in many civil law jurisdictions, including France, Germany, Japan, and parts of Latin America and the Middle East and reserve fixed shares of an estate for specific heirs (typically children or a spouse) regardless of what a will says. Malaysia operates under common law, which allows greater freedom in the distribution of assets. However, British expats or anyone holding UK-situs assets remains subject to UK inheritance tax rules, and those with property in civil law countries will need to account for forced heirship in those jurisdictions specifically.

3. What is the difference between a trust and a will?  

A will takes effect after death and distributes assets through the probate process. A trust holds and manages assets on behalf of beneficiaries, can take effect during the settlor's lifetime, and generally avoids probate, meaning assets can be transferred more quickly and privately. The two are often used together: the trust handles assets placed inside it, while the will deals with anything that hasn't been placed in a trust or nominated elsewhere.

4. What happens to my EPF if I don't make a nomination?

EPF balances pass via a nomination registered directly with EPF, not through a will. If no nomination is in place, the balance is distributed through a separate administrative process that may not reflect your wishes and can take considerably longer. This is a step that sits alongside, rather than inside, the will and one worth checking if your EPF balance has grown significantly or your circumstances have changed. We can help guide you through managing your EPF.

5. How often should I review my estate plan?  

As a starting point, an annual review is good practice. Beyond that, major life events, such as relocation, marriage, divorce, a new child, a significant change in assets, or a change in tax residency, are all natural triggers for a review. Tax rules and estate planning legislation also change over time; a plan that was appropriate when it was drafted may not remain so several years later.

This article is general information only and does not constitute financial, legal, or tax advice. Tax matters referenced are coordinated with named specialist partners and should not be taken as advice from Melbourne Capital Group directly. Estate planning and will-drafting services referenced are provided in coordination with independent legal specialists. Past performance is not indicative of future results.