Wills are something that people tend to forget – either being seen as a mystery or too costly to put in place.
SCF has removed a lot of this myth and streamlined the process using our International partners. You can now get an effective will at nominal cost, which covers your worldwide assets through us. Wills are and should be seen as one of the most important areas of estate planning. Do not put off getting specialized advice – you may lose more than you save.
If you don't have a Will in place the government decides for you, and it is accomplished according to old rules called the Laws of Intestacy, which were drawn up in the 1920s. This means that your spouse (husband or wife) might end up sharing your wealth with your children or parents. It also almost certainly means that your partner gets nothing at all if you are unmarried. By having a Will you stipulate exactly how your Estate (all your possessions, assets) are distributed and in what proportions. What is the point of accumulating wealth and assets through your lifetime if someone else decides how it is given away? In doing this you might also avoid unnecessary arguments and squabbles between family members or relatives.
A major benefit of a professionally drafted Will is the fact that it can significantly reduce or even eradicate your Inheritance Tax bill – meaning that there is much more money to pass on to those you care about. This is primarily done by establishing Trusts, which take advantage of the IHT Tax Free allowance, that all people have (your Nil Rate Band). You can also avoid funds being seized by local authorities should a partner require long-term care.
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