Inheritance in a different currency
When losing a loved one it can and often is an extremely difficult process and affects people in many different ways. It can therefore be a very challenging time, mourning the loss of a loved one whilst having to manage and arrange the estate as part of your loved ones passing. There are thankfully businesses out there who can hold your hand through certain processes such as funeral directors, estate agents, etc, who can take some of the burden away whilst you come to terms with the loss you may be facing.
Organising your inheritance and leaving a will can be one of the more complicated financial arrangements you make in your life. The emotional weight of your decisions for you and your family can be a lot to deal with, with the complicated formalities and procedures only exacerbating that weight, especially when it comes to dealing with assets abroad. Working with companies that make the procedural and formal aspects of preparing a will as easy as possible can be a real help to reducing the emotional burden on your family when the time comes to enact it.
Since inheritance money often comes in the form of large lump sums, leaving foreign exchange transfers to large high street banks will incur huge costs, often charging significant margins above the live exchange rates. Currency UK can help you mitigate this with our FX accounts, in which you can hold your assets and easily transfer them to different currencies depending on your needs. You can make use of features such as market orders, through which you can automate currency exchanges when the market hits certain exchange rates, and rate alerts, which will alert you when the market hits a certain rate, but still gives you the final decision on when to trade. Having a mechanism already set up for any needed currency exchanges makes your loved one’s lives easier at a sensitive time.
We also offer services for recipients of inheritance from abroad, whether that be the inheritor themselves or the executor of a will. If you are receiving money, you’ll want to mitigate the costs associated with transferring described above, not to mention the often stress-inducing delay times associated with large transfers caused by communication difficulties across borders. For a single large sum transfer, it’s worth considering a forward contract. Forward contracts are when a particular exchange rate is agreed between parties for a currency exchange that will occur on a given date. It’s worth it to provide much needed certainty when dealing large sums, as well as mitigating the risk of a poor exchange rate if you were to make the transfer on a whim, ensuring you get the most out of an inheritance that is rightfully yours.
Furthermore, if you’ve inherited property abroad and now need to either maintain the property or sell it, either way incurring regular fees at least for the short term, Currency UK can help you manage this and give you the financial certainty you need to manage any inherited assets effectively and easily, minimising stress and mitigating risk.
Aside from all the specific products and exchange processes used, the real advantage of using Currency UK to assist with inheritance-related claims is our team of experienced experts who can help you find the most cost-effective and efficient mechanism for you. No matter your inheritance or FX needs, Currency UK can help make a stressful time for anyone that little bit easier.