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
Banking on Banks – Court of Appeal confirms the test for capacity when making a will
Absent parents: when will the Family Court remove parental responsibility?
Sustainable Investing: From ESG Integration to Impact Investing
We have a wide perspective on the range of issues that fall within the spectrum from ESG to impact investing.
Danish tax authority loses "cum-ex" case: revenue rule reigns supreme
Hugh and Guy look at the recent decision in Skatteforvaltningen v Solo Capital Partners LLP (in special liquidation) and others
Charles Russell Speechlys boosts private wealth offering with the hire of an international tax team
Robert Reymond will be joined at the firm by Leigh Nicoll, Emma Tyrrell and Oliver Cooper.
eprivateclient and Citywealth report on the hire of a new international tax team led by Robert Reymond
The firm strengthened its international wealth structuring capabilities with the hire of an international tax team led by Robert Reymond.
Charity Training Webinar Series: Brand Protection (Session 1)
We would be delighted if you could join us for the first in our new series of bite-size webinars for charities.
Asian Legal Business, Hubbis and eprivateclient report on the firm's expansion in Hong Kong
The firm's Hong Kong office continues to expand with the relocation of Real Estate Partner Simon Green to lead the firm’s focus in Asia.
Charles Russell Speechlys advises Fudco Partnership on sale to Exponent-backed Vibrant Foods
Fudco is a family-owned business selling South Asian ethnic foods in UK and Europe.
Electrical safety standards in the private rented sector from 1 April 2021
The Electrical Safety Standards in the Private Rented Sector will apply to existing specified tenancies from 1 April 2021.
UK property market continues to thrive
Property Patter: cohabitees and property rights - what do couples need to think about?
It is easy to drift into complicated territory when it comes to property arrangements between a couple
Charles Russell Speechlys LLP continues Hong Kong growth with the relocation of Real Estate Partner
We are delighted to continue the growth of our Hong Kong offering with the relocation of Simon Green to lead the firm’s focus in Asia.
Hugh Gunson and Guy Bud write for Taxation on Financial institution notices
Amendments will be made to allow HMRC to request information for the purposes of collecting a taxpayer’s tax debt.
Hayley Lalsing and Laura Sheftel write for Property Law Journal on the Electrical Safety Standards in the private rented sector
The Electrical Safety Standards in the Private Rented Sector Regulations 2020 will apply to existing specified tenancies from 1 April 2021.
EWS1 Forms - the latest episode
RICS have now published their highly anticipated guidance on when EWS1 forms will be required.
Knight Frank Wealth Report: The Global Perspective on Prime Property & Investment
Knight Frank partners joined Charles Russell Speechlys for a virtual panel-led discussion on the Knight Frank Wealth Report
Covid throws stark light on need for Lasting Powers of Attorney, as the case of Derek Draper shows
eprivateclient and Wealth Briefing cover the news of the hire of tax specialist Annika Fünfschilling in Zurich
Annika joined as a Senior Associate in the firm's Zurich office on 15 March 2021.
Charles Russell Speechlys develops Zurich offering with the hire of Annika Fünfschilling
Annika is an attorney-at-law and Swiss certified tax expert, and becomes the first Swiss-qualified lawyer working from the Zurich office.