In the pre-internet day, death was a relatively simple affair. The deceased’s belongings would be sorted through, boxed up, and divided among family and friends to act as a tangible reminder of life. A Will is a legal document that allows a person to give instructions on what to do with their available possessions once they pass away.
However, what happens to your digital assets and online presence when the inevitable happens?
Suddenly, finding all the accounts and passwords for business and personal accounts becomes a real challenge.
Cryptocurrency trading has become more and more popular, and usually, there is only one password holder – you!
A digital Will allows you to manage the fate of your online presence and assets in one document without making arrangements with each site individually, as not all sites allow you to do this. Your website names, website addresses, usernames, passwords, and any other relevant information like security questions and answers will be stored in one place, ensuring your family has everything they need when the time comes.
Many people do not make plans for their digital presence or digital assets, which means their loved ones will struggle to understand it all. A business is only as good as its people. Although you may have implemented plans to protect your buildings and equipment, you mustn’t forget about protecting one of your most important assets – your people.
If you are a business owner and have shares in a company, you will need Company Protection to ensure that the value of your hard work can pass on to your loved ones. Losing an owner, shareholder, or a key person who plays a fundamental role in the operation and growth of your business could have a devastating impact on your business. Company protection can help reduce this impact.
Benefits to Having a Will
A digital Will allows you to manage the fate of your online presence and assets in one document without making arrangements with each site individually, as not all sites allow you to do this.
Here are the key benefits:
- If you die without a will, it is a costly exercise to gain ownership of your assets. Probate can cost between 3%-7% of the value of your estate, even with a will.
- If you have assets in other countries, you will need separate (original) wills for the different probate rules per country.
- If you are in a civil partnership, many countries will not recognize this under their Intestacy Rules, and your partner will not inherit unless you have written a will.
- If you are in a blended family or have remarried, you must change your original will or write a clear, updated one.
- If you have minor children, you should write a will to determine at what age they inherit. The default age is 18 years of age.
- If you are a business owner or partner, writing a will can ensure the safe transfer of your shares.
We specialize in a diverse set of bespoke wealth management solutions meant to protect you and your assets from both the uncertainties and eventualities of life. Our services include:
- Helping you stay in charge of what happens to your possession when you die.
- Ensuring your beneficiaries (especially those most vulnerable) are taken care of.
- Catering to the tax concerns of UK citizens who live abroad as well as those with international family ties or investments
- Helping you secure your digital property in an increasingly digital world.
- Providing advice and solutions for leader replacement in cases of retirement or death.
- Ensuring someone is assigned to carry out your wishes in the event you are unable to do so.
All of our processes require an in-depth knowledge of the laws and taxes applicable locally and globally.
They also require the flexibility to create unique solutions that cater to the specific situations and scenarios our clients bring to us.