I’d like to commend the extremely helpful and committed management team that run this service for their overall responsiveness; may you all be blessed for this endeavour.
We were tired of seeing people have to choose between limited DIY wills and expensive bespoke options.
But it doesn’t have to be that way. Let’s see if our will is right for you.
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MA in Islamic Banking and Finance
Alim under the tutelage of Shaykh Akram Nadwi
Previously qualified and worked at city law firms Ashurst LLP and Debevoise & Plimpton LLP
Previously qualified and worked at city law firm Squire Patton Boggs LLP
Alim from Darul Uloom Bury
BA in Banking and law
Previously Islamic scholar at National Zakat Foundation
Can I change my will once you have written it?
Yes! You have two options:
Why should I pay £98 rather than use a free Islamic will template?
With a free will template you do not get any of the following:
We cover in detail the limited circumstances where it makes sense for you to use free Islamic wills in this detailed guide here.
What if I submit my will and need to make changes to it in the few days following?
You can change your will as many times as you need to in the week it takes for us to get your will over to you.
After that if there are minor changes, we can do those as well as a courtesy.
Do you offer professional executor services?
Not at this stage.
Do you offer probate services?
Not at this stage.
Are your wills structured to avoid inheritance tax?
The nil-rate band for inheritance tax is £325,000, there is an additional nil-rate band for your home of £175,000 for assets inherited by your family, and any assets inherited by your legal spouse are also tax-exempt. This adds up to ~£1m of tax-free inheritance. All this means that 94% of people do not have to pay inheritance tax at all when they die.
So for 94% of people the standard IFG Will is suitable.
However if you do have a substantial estate or need a trust-based will for other reasons, we now offer that service. Our trust-based will is a robust, tax-efficient solution designed in collaboration with a leading wills barrister from Ten Old Square Chambers.
Do you offer a spousal will?
Yes. Each spouse has to get their own will written.
We offer a £10 referral bonus and a £10 discount to the person who referred. For spouses this amounts to over 20% off the cost price.
You guys are corporate lawyers who presumably can charge a lot – why is IFG Wills so cheap? What’s the catch?
Both of us (Mohsin and Ibrahim) have quit our corporate legal careers to focus full-time on IFG as we believe strongly that there is a need for strong personal finance education and resources for the UK Muslim community. If people like us do not take a risk and sacrifice a bit, no one will. IFG Wills is a subsidiary of www.islamicfinanceguru.com.
IFG Wills works for us from a commercial perspective as a lot of the will production is automated using sophisticated programming. This means our job is cut down from laborious copy-pasting to just pure legal review. Ultimately this then saves you guys £100s of pounds.
What if I have a change in family personnel or buy a house – does your will become invalid?
Are Islamic Marriages accepted under English Law?
Do you offer trust-based and tax-efficient wills?
The IFG trust-based will is a tax-efficient will designed and crafted in collaboration with a leading wills barrister.
It is ideal for people with an estate over £325,000, or who have mean-tested benefit recipients among their heirs, or who would like to retain a lot of flexibility and discretion as to how their estate is divided up after their passing.
We charge £348 for this solution, less than a third of what a high-street solicitor would charge. We can do this because we use technology to bring down our costs, which we can then pass on to you.
For estates over £2m, you should seek specialist tax planning advice but under that, the IFG trust-based will is perfect.