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

 

Uzma Hasan: The filmmaker shares all about the much anticipated British Asian film, Londonstani
Business Life 09-03-2021

Uzma Hasan has been developing Gautam Malkani’s cult novel Londonstani with her producing partner Cavan Ash, for nearly a decade. Now, with Nirpal Bhogal writing and directing (known for being. MORE

International Women’s Day: Highlighting the unique strengths of women in business
Business Life 04-03-2021

Women continue to make waves in the world of business. In celebration of International Women’s Day, we explore the qualities and abilities that make women such powerful entrepreneurs. Nima Suchak spoke. MORE

The Laser Clinic Group: Making a new business venture smooth work
Business Life 26-01-2021

“When people join us on this journey, I make a point to share our objective -- that our goal is to help people look good and feel good about themselves.. MORE

Instagram - Follow Us

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