What’s A Trust In A Nutshell?
Whilst setting up a trust can incur legal costs initially, these costs often allow a person (Trustee) to protect their wealth from the tax man when they pass away, meaning they are able to pass more of their money on to family and loved ones.
The recipient of a trust as nominated by the trustee is known as the beneficiary. This could be, amongst others; your spouse, a family member or an entity such as a charity.
Trust planning can a rather complex matter, but at Skybound our experienced advisers will support you, making the process as easy to understand and as hassle-free as possible.
The Importance Of Having A Will
Drafting up a will is an essential part of any financial plan, but even more essential if you’re an expat or you have assets in more than one jurisdiction. It’s important to make sure you have a will drafted up that will cover these different bases and here’s why.
You may have a will which was written in your home country, but it may not necessarily be valid in your current country of residence. In countries where Sharia Law is applied, the absence of a will may mean your wealth is passed on in line with Sharia Law rather than your personal wishes.
What Would This Mean to Those You Leave Behind?
This could result in a long and lengthy period of time where your loved ones are left without access to your wealth, and in some instances bank accounts can be frozen for months. All of this can be prevented by making sure you have a will set up in the right jurisdictions and Skybound can help you do just that.