A will allows you to choose the individuals who will benefit from your estate, everything you own, not just cash and life insurance, but other inheritances, your home and lifelong acquisitions.
Not writing a will, or dying intestate, will leave horrendous and often insurmountable problems for your loved ones – those people you really want to benefit from all your hard work through your working life; potentially for generations to come.
Without a will, your estate falls under the rules of the country in which you reside. With careful planning we can help to prevent this from happening. It is advisable to not only start thinking about a will as soon as possible but also in every country you have assets.
*Globaleye do not purport to provide legal services but have access to many legal and professional service providers worldwide to help create a holistic and multi-jurisdictional solution.
Parents are often wary of leaving a huge lump sum to their children at their respective ages of maturity and it is worth asking the questions of what an 18 year old would do with £200,000 cash, having passed his or her driving test – this is where the Trust comes in. A Trust allows you to ensure that assets for your children are spread over a number of years and not all received at an age where they may be unable to deal with the full responsibility of such a large lump sum. It is also important to take professional advice on the tax implications of setting up Trusts.
Tax and IHT Planning
Inheritance tax planning is about planning ahead to minimise the uncertainties surrounding how your estate will be managed and how it many be taxed.
Inheritance tax is sometimes referred to as ‘Voluntary Tax’ because with careful financial planning your estate may only have to pay a greatly reduced tax or even no tax at all in some cases.
There is a lot to consider when thinking of tax and IHT planning and a fully qualified adviser can guide you through the hurdles.
Offshore Company Formation
If you own or part own a company, then serious thought must be given as to how it can continue on the death of a partner. Can it continue to trade profitably? This is of particular concern in many Muslim-based jurisdictions/countries.
By setting up offshore, the laws of where the company is trading means there is no effect from the death of a major shareholder
Download our estate planning eGuide and benefit from:
- Learning about all the key elements of estate planning
- Becoming aware of areas of estate planning not everyone maybe aware of, but is important to know
- Getting in touch with an estate-planning expert who can further assist you and your specific requirements.