As the fear of deportation continues to rise among immigrants and their families, some people are wondering what will happen to their assets if they are deported.
“I live all my life here, so this is my town, my city,” Lizette said.
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WATCH HERELizette says she moved to the United States as an undocumented immigrant when she was a teenager.
She opened up to our NBC Responds unit in San Diego about the current administration’s push for more deportations.
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SIGN UP "I work six days a week, and, like a good citizen, I pay my taxes every year,” Lizette said.
Like many undocumented immigrants, she has built a life that includes assets.
“The fact that someone is physically deported doesn't divest them of their interests here,” said Miami immigration attorney Eduardo Soto. “They may maintain legal authority over their property, over their bank accounts, etc.”
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Soto says over his 34-year career, he has never seen such aggressive immigration policies.
“We are beginning to see individuals that have no criminal background, who have been here for many, many years, 10, 15, 20, 30 years, with children born here being detained, simply stopped in the middle of a street somewhere in a public space and being questioned,” Soto said.
It’s why he says undocumented immigrants should have a plan in case they are deported. For starters, identify someone you trust to handle your financial matters.
“They need to pick an individual or an institution that would then represent them with respect to these interests. Set up, for example, a trust and obviously identify a trustee and obviously make sure that they make the right choice and that this is someone that they are comfortable with,” Soto said.
Creating a revocable living trust can grant a person the power to take care of financial matters. You can also designate a power of attorney, which gives someone authority to act on your behalf. You can also check with your bank to find out if they have a policy on foreign account holders. Some banks will close an account if they find out you are trying to change your account information to a foreign address.
If you are a mortgage holder, experts say you should save enough to cover the payment, HOA fees, and property taxes until they find a buyer or renter. Otherwise, you risk getting a lien placed on the property or getting to the point where you end up in foreclosure.
“You know, a mortgage is obviously a debt. There is a lien on property or whatever it is that you have purchased. This is something that can be managed while you are abroad, you can make your payments,” Soto said.
Soto suggests taking time to figure these matters out early on so you can save time and money later.
“And they should have someone who is very knowledgeable and has lots of experience representing them with respect to these interests,” Soto said.
Soto says if you have questions, he recommends consulting an attorney who can walk you through how to set up a trust or a power of attorney.
