Succession planning isn’t just about making a will. It’s about devising a strategy to ensure that the benefit of a client’s assets passes to the right people, at the right time and that the right controls are in place when that happens.
Hill Dickinson specialises in advising clients on the best way to pass on their personal and business assets, whether during their lifetime or on their death.
We take the time to get to know clients and their priorities. These can be to ensure that their family is properly cared for, that their assets are protected from attack or that their business can continue running without them.
Having a legally binding will is a good start. It enables clients to choose:
- Executors - trusted individuals who will take responsibility for settling a client’s affairs after their death, in the way they would wish
- Guardians - who make important decisions about the children under their care such as where they should live, which school they go to, whether they are brought up in accordance with a particular religion and medical treatment, if required
- Trustees - often the same people as the executors, trustees may hold and manage assets for the benefit of others
- Tax mitigation strategies, which may be unavailable if a client has not made a will
- Asset protection structures, such as trusts, to control the management of assets for young or vulnerable beneficiaries
- The ultimate destination of cash, personal effects, property and other assets which would otherwise pass in accordance with Government rules
We also look at other aspects of succession planning, such as:
- Lifetime gifts
- Reorganising business interests
- Family trust arrangements