Succession Planning

Whether your estate is large or small, it is likely that you have worked very hard to create your wealth. Succession planning is not just about having a will; it involves reviewing and managing your personal, family, and business affairs while you are alive, as well as developing a strategy to deal with your assets after you die.  A succession plan protects your assets for future generations while allowing current generations to receive income.

A succession plan is necessary to ensure your assets go exactly where you wish them to go. This may involve putting structures in place before you die, and restructuring your assets to reduce the tax liability to your estate, to protect your estate for your beneficiaries and to ensure your family has the skills to run your business after your death.

We can discuss the suitability of creating different structures, such as limited liability partnerships, limited liability companies, discretionary trusts or will trusts.
If your children do not get on, you may need to consider demerging your assets, e.g. by forming additional companies and transferring assets to the other companies so there are discrete assets or companies for your children to inherit, with the view or avoiding disputes between your children after you have died.

Family business succession planning

Whether your business comprises a corner shop, a couple of buy to let properties or a substantial business, family business succession planning involves having a living and dynamic plan which can change with circumstances.  It must also be part of the overall business plan. Roulla will work with you, your accountant and financial advisors (if required) to review your financial and personal circumstances and then decide on the most appropriate succession planning strategy for you.

Roulla’s approach

With family structures becoming increasingly diverse, no two clients, nor their objectives, are the same.  Roulla is experienced in asking the right questions about you, your estate and your priorities to establish what really matters to you and what your true goals are.  Roulla then applies sound technical expertise to provide advice or prepare documentation specifically tailored to achieve your objectives.
Roulla encourages a multi-generational approach.   This lessens the risk that the plans you have carefully made during your lifetime do not go to awry once your wealth is passed down to future generations.
Roulla understands that her advice often requires input from your other trusted advisers and she often collaborates with accountants and financial advisers to ensure a holistic and joined up approach is taken in dealing with your personal affairs.

Whilst early planning is always better, if you find yourself in a situation that requires urgent attention, Roulla offers a calm and efficient service to achieve time-sensitive outcomes.