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Succession

To many people, passing on wealth is a choice of great personal significance. It is always a careful balancing act to manage this process whilst bearing in mind tax planning considerations. We can work with you to ensure that you not only preserve your wealth but that the right people and protections are established around it. Getting this right will provide you with clear direction and help to avoid conflicts and sensitively manage family relationships.

We know that there is much more to this than pure legal structuring and recognise that each family is unique with its own priorities and ambitions. We will have discussions with you to in order to identify your goals, and then take a multi-disciplinary approach to put in place a structure which allows you to achieve them.

The UK tax regime also plays a key role. There are incentives to pass on assets during your lifetime and your specialist Cripps Life team will help you navigate the UK landscape to find the most practical solutions for you.

A number of solutions can be considered, including the use of trusts, Family Investment Companies, family businesses and Family Charters. Choosing the right structure enables you to pave the way for future generations, whilst also allowing you as much control and flexibility as you need to suit your changing needs.

We regularly advise on the creation and management of trusts. These are the traditional vehicle for succession planning and have a number of advantages, such as allowing assets to be held for the benefit of future generations but with control retained by the trustees.

In addition, we are increasingly seeing the use of Family Investment Companies as a tool in this context. These are another flexible way of retaining control of wealth within the first generation whilst passing value – tax efficiency – to the next generation. Different classes of share can be used to suit the particular needs of different members of the family.

We can also help you plan succession through Family Charters and letters of wishes. Family Charters are statements of intent relating to the running of family businesses, whilst letters of wishes guide those responsible for administering the inheritance of more diverse assets. These can help to build an embedded ethos within your family and create a roadmap for the future that successive generations can follow.

The chief driver must be your aspirations for now and for future generations. We will draw upon our wider group of specialist teams to put your chosen structures in place whether through property transfers, specific corporate advice or other specialist advice.

Areas where we can help

  • Asset protection on marriage
  • Business succession
  • Family companies and partnerships of various forms
  • Family Investment Companies / Partnerships
  • Life insurance and life insurance trusts
  • Tax planning
  • Trusts
  • Wills

Key contacts

Looking for something else?

If you have questions we haven’t answered here, please contact one of the team for a no-obligation, initial conversation and we can take the first step in achieving your goals.