When managing wealth, individuals and families usually have two main objectives - to have sufficient funds to support their lifestyle, and to ensure their estate is distributed fairly according to their wishes after they die.
The current pandemic has thrown into light the need to review your wealth structures to navigate a changing world. This is all against the backdrop of the government reviewing the tax system to ensure it is relevant and fair.
While there is a valid and interesting economic debate to be had around whether tax increases as opposed to tax competitiveness are the way forward, we encourage you to take action now in line with your own family values and objectives, rather than short term tax implications. This is the most important place to start ahead of documenting your wishes in a Will.
What do I need to consider when drafting a Will?
A Will is perhaps the most important document a person ever signs. If you die without making a Will, then it is left to the law to determine who inherits your property and who is responsible for administering your estate and distributing your property. This may lead to unwanted and/or uncertain succession and tax consequences. The process of preparing a Will ensures that loved ones are provided for in the manner you want, and offers great peace of mind. It also gives the opportunity to consider the likely tax exposure on your death, avoiding any unnecessary payments.
How can I ensure my Will is utilising the most efficient structure for my personal and family values?
We will work with you to help you grow, preserve and distribute your wealth amongst the generations during your lifetime and after death. The ways in which you can manage this vary depending on your personal circumstances and the tax requirements at any given time. These could involve lifetime giving or holding assets through trusts and other asset protection structures.
These structures will also depend on your residency and domicile status, whether your assets are currently held in trusts, or whether you are a landowner or business owner, with assets in either the UK or abroad. We are able to assess your personal circumstances in the round, and find pragmatic and commercial solutions to complex situations. Please click on the links above to find out more about how we advise you in these specific circumstances.
For more information about our advice on family governance and gifting now, please visit our COVID-19 hub, focusing on what action the Private Wealth community can be taking now to minimise the long term impacts for yourself and the economy.
Probate and estate administration: What will happen following my death?
It is important that these matters are administered sensitively and efficiently. We can assist with anything and everything that is required following a death including:
- obtaining grants of representation (typically, a grant of probate) both overseas (in conjunction with local lawyers) and here in the UK;
- advising on complex succession issues;
- advising executors (together or individually) on their responsibilities;
- providing a full tax compliance service in estate administration and to ensure the most tax effective devolution of the estate; and
- advising on beneficiary’s / beneficiaries’ rights.
We are frequently asked to co-ordinate the winding up of international estates, often with assets of substantial value held in a variety of jurisdictions. For more information about this, please click here.
For more information about trust establishment and administration, please click here.
Meet the team
- Call William +44 (0)20 7427 6540
- Email William
- London office
- Call Robert +44 (0)20 7203 5129
- Email Robert
- London office
- Call Andrew +44 (0)20 7203 5227
- Email Andrew
- London office
- Call Sangna +44 (0)20 7427 6565
- Email Sangna
- London office
- Call Julia +44 (0)1242 246331
- Email Julia
- Cheltenham office
- Call Henry +44 (0)20 7203 5293
- Email Henry
- Cheltenham office
- Call Charles +44 (0)20 7427 6737
- Email Charles
- London office
- Call Dominic +44 (0)20 7427 6749
- Email Dominic
- London office
- Call Suzanne +44 (0)20 7203 5267
- Email Suzanne
- London office
- Call Piers +44 (0)20 7203 5352
- Email Piers
- London office
- Call Christopher +44 (0)20 7203 5000
- Email Christopher
- Cheltenham office
- Call Catriona +44 (0)20 7203 5265
- Email Catriona
- London office
- Call Nicola +44 (0)20 7203 5139
- Email Nicola
- London office
- Call Alice +44 (0)20 7427 6424
- Email Alice
- London office
Our thinking
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Sarah Rowley
Charity Training series: Session 2
Join us for the second session in our Charity Training series where we will cover training for Charity Trustees and Senior Executives.
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Mind your business: Safeguarding your business against loss of mental capacity
Practical considerations to safeguard your business against loss of mental capacity.
Jack Carter
Jack Carter writes for eprivateclient on the registration requirements for trust structures holding UK real estate
Trust structures holding UK real estate: Reporting requirements under the Register of Overseas Entities
Shivi Rajput
A guide to protecting non-matrimonial assets in divorce
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Alexia Egger Castillo
Wealth Structuring Developments In Switzerland
Careful considerations need to be given when setting up wealth and estate structures and vesting funds in them.
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New Legislation on Reciprocal Recognition and Enforcement of Judgements in Matrimonial and Family cases by the Courts Hong Kong and the Mainland
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Reporting Restriction Order (reprised) - "Where there is no publicity there is no justice."
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Inheritance tax receipts continue to rise - and what to do about it
Grégoire Uldry
New Swiss succession law on the transfer of businesses
On 10 June 2022, the Federal Council adopted its Message amending the Civil Code on the transfer of businesses by succession.
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Ray Ng
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Louise Paterson
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Jeremy Arnold
Jeremy Arnold joins Charles Russell Speechlys as Tax Trusts and Succession Senior Counsel
Jeremy Arnold joins Charles Russell Speechlys as Tax Trusts and Succession Senior Counsel
Alastair Morrison
Charles Russell Speechlys strengthens its landed estates offering with the appointment of Alastair Morrison
Charles Russell Speechlys strengthens its landed estates offering with the appointment of Alastair Morrison
Alex Munday-Muir
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What happens if one party passes away during divorce proceedings?
Given the current chaos in the world, perhaps it is time to plan for the unknown.
Charlotte Posnansky
Interim Reporting Restriction Order - More Moderate Mostyn? Or Purely Protective Prudence?
William Marriott
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