Join the network

Trusts and Estate Planning

Business Life 09-10-2016

AWM catches up with the team at GSC Solicitors who advise on the developments of Trusts and Estate Planning.

Family dynamics have become more and more complicated over the years as “blended” families have replaced the “traditional” mum, dad and two genetically related children family. “Blended” families are the result of re-marriages where people have children from previous relationships.

Other factors changing the dynamic of the modern family include the fact that as of 30 June 2015 there have been 7,366 marriages in the UK between same-sex couples (since same-sex marriage introduced on 29 March 2014). There is also an increasing trend towards the westernisation of eastern families to include children marrying against wishes of elder settlors.

Here are a few tips on how to deal with estate planning for the modern family

1.  Create a global estate plan which incorporates documents outside of the traditional trust and LOW to include documents such as cohabitation agreements, pre-nups, adoption agreements.

2. Encourage families to address controversial issues which they may wish to side-step e.g. children born out of wedlock, same-sex relationships. Create a complete plan that addresses all of these issues to avoid claims against estates later down the line.

3. Suggest the family keep you updated on a more regular basis (at least annual) of developments within the family e.g. marriages, births, relocations, gender changes etc! These changes should be fed through to the Settlor’s letter of wishes regularly.

Planning for today’s wealthy families requires advisers to be well versed in a diverse range of planning options to best preserve and increase family wealth over multiple generations. Long-standing structures need to be entirely revitalised to meet the needs of today’s modern family.

For more information or to discuss Trusts and Estate Planning, please contact GSC Solicitors on +44 (0)207 822 2222

www.gscsolicitors.com

Photographs by Rahul Khona

 

Refresh your brand with Creative ID’s Vaishali Shah
Business Life 28-08-2018

A brand must not only create, but maintain a strong presence in the marketplace. Vaishali Shah, CEO of Creative ID, says it’s the perfect time to look at your brand. MORE

How big is your ego?
Business Life 27-08-2018

Top entrepreneurs get where they are by thinking big and believing in themselves. But what if their egos threaten to topple what they’ve worked so hard for? AWM finds out. MORE

Cross-border fund to utilise UK’s tech expertise and India’s digital economy
Business Life 12-08-2018

Nina Amin, ex-partner at KPMG, speaks to Asian Wealth Magazine about the recent launch of the Unicorn Ascension EIS Fund, the first cross-border EIS technology fund utilizing UK’s tech expertise. MORE

X
Want to see more?
Register for FREE with a few details to continue reading.