Estate planning matters even when you are in the US temporarily. A spouse or relative may need to locate your accounts, manage a medical emergency or handle assets in two countries. The useful first step is a complete inventory and coordinated documents, not a complicated product you do not understand.
Make an asset and document inventory
List bank accounts, investments, retirement plans, insurance, property, debts and digital assets in the US and India. Record the institution, account type, ownership and where documents can be found. Keep sensitive account information securely rather than sending it through ordinary email.
Identify trusted people who know where the inventory is stored. Include your lawyer, tax adviser and relevant contacts at financial institutions. A trusted contact is not necessarily authorised to withdraw money or make decisions; ask what authority each designation provides.
Review beneficiary designations
Check primary and contingent beneficiaries on retirement accounts and life insurance. Ask your bank about payable-on-death designations and your broker about transfer-on-death registration where available and appropriate.
These arrangements may let eligible assets pass outside probate, subject to the account contract and applicable law. They do not remove every administrative requirement or tax question. Institutions can still need proof of death and beneficiary documentation.
Beneficiary instructions generally operate separately from a will. Do not assume changing your will updates an old account designation. Review names, percentages and successor beneficiaries after marriage, divorce, a birth or a death. Ask a lawyer about minor beneficiaries and any spouse-consent requirements before changing retirement instructions.
Understand what each document does
Will: Directs covered estate property and can name an executor and preferred guardians, subject to applicable law. It does not automatically avoid probate or control every beneficiary-designated asset.
Financial power of attorney: Can authorise someone to handle specified financial matters while you are alive. Institutions may have acceptance procedures. It generally does not continue as authority after death.
Healthcare directive or proxy: Addresses medical decisions and the person who can act if you cannot. State requirements matter.
Trust: May serve particular planning goals, but appropriate drafting and transferring assets into it are essential. Creating a document alone does not put every account into a trust.
Ask a lawyer licensed in the relevant state to explain execution, witnessing and storage requirements. Cross-border families may need coordinated advice in India; independently drafted wills can unintentionally conflict or revoke one another.
Do not confuse tax residence with estate-tax domicile
For US estate tax, domicile is a different concept from income-tax residence and a visa category. An individual can be a US resident for income tax but nonresident for estate tax.
The IRS explains that estates of people neither US citizens nor US domiciled can face Form 706-NA filing requirements when applicable US-situated assets and adjusted taxable gifts exceed $60,000. Asset-situs rules, exclusions and treaty provisions need individual review. That figure is not a universal inheritance allowance for every immigrant.
Naming a beneficiary does not erase estate tax. Likewise, the existence of an income-tax treaty does not establish that the same estate-tax protection applies. Obtain specialised advice if you hold significant US investments, property or cross-border ownership structures.
Prepare relatives for the practical process
Ask institutions what a beneficiary living in India would need to claim assets, including identity, tax certification and document requirements. Do not assume they can simply sign in with your password. Keep accurate contacts and preserve statements that establish ownership.
Review the plan annually and after relocation. Moving to another state or returning to India may change which documents or rules matter.
Do temporary visa holders need a will? A temporary stay does not eliminate the need to plan for assets, dependants and emergencies. The right documents depend on your circumstances.
Sources and further reading
- FINRA: Preparing a will
- FINRA: Brokerage account after death
- IRS: Estate taxes for nonresident non-citizens
- IRS Form 706-NA instructions
Reviewed October 12, 2026. This guide is educational; provider terms and applicable rules can change.