Forgotten Overseas Assets — Full Interview in TheMarker
In many cases, the assumption that “there is nothing to check” halts the inheritance process, especially when overseas assets are involved.
Adv. Yariv Vaknin explains in a special interview how legal gaps and corporate anonymity prevent heirs from realizing their rights, and reveals how proper tracing and a well-managed cross-border proceeding can rescue lost inheritances worth millions.
Vaknin Yariv Law Office specializes in private international law, complex inheritance cases, and the enforcement of foreign judgments. With branches in Afula, Tel Aviv, New York, and Tbilisi, the firm provides a full legal umbrella for tracing and realizing assets around the world.
International Inheritance: The Legal Issues Every Heir Should Know
When a person inherits assets outside Israel, they encounter unique legal complexity that does not exist in domestic inheritance. The first question that arises: which law applies to the inheritance? Under Section 137 of the Israeli Succession Law, 5725-1965, the law applicable to inheritance of real property is the law of the country where the asset is located: so an apartment in New York will pass under American law, not Israeli law.
Common Asset Types Israelis Discover Abroad
- Bank accounts and deposits opened before immigrating to Israel — chiefly in the United States, the United Kingdom, and former Commonwealth countries
- Real estate: apartments, land, and shops purchased before immigration or received through inheritance
- Shares in private companies and corporations, sometimes held under unfamiliar names
- Pension funds and life insurance policies that were never checked
- Unclaimed Holocaust compensation: assets that were seized and have not yet been returned
Why Are Overseas Inheritances Forgotten?
Unlike Israel, where assets can be located through the Land Registry (Tabu) and computerized databases, most countries have no accessible central registry. Language barriers, travel costs, and geographic distance lead many Israeli families to give up: sometimes on inheritances worth millions.
What Does the Process Look Like in Practice?
- Tracing the assets: contacting banks, land authorities, and corporate registries in the foreign country
- Obtaining an Israeli succession order: issuing the order from the Family Court, with an apostille and certified translation
- Submission to the foreign authorities: presenting the Israeli documents to effect transfer of ownership
- Transferring the assets to Israel: while examining international tax aspects, since some countries impose an inheritance tax that does not exist in Israel
Frequently Asked Questions
What happens if I didn’t know about the assets for many years? In Israel there is no statute of limitations on inheritance. However, the foreign country may apply its own limitation rules: it is therefore important to act as early as possible.
Do I also need a lawyer in the foreign country? In most cases, yes. A firm with international branches coordinates representation with local partners while maintaining Israeli oversight of every stage.
How long does it take? Between six months and two years, depending on the country and the type of asset.
Do you suspect there are unclaimed assets abroad? The Inheritance Department at Vaknin Yariv Law Office specializes in tracing and realizing international inheritances. For an initial consultation: 052-2288824.
