Succession planning can involve making a Will to set out who you wish to inherit your assets. For complex families and particularly those with high net-worth, there may be additional steps required. This could be creating trusts or family investment companies to protect your wealth for future generations. It may also include the appointment of professionals to assist in the management of your assets. Succession planning will:

• Manage family expectations of their inheritance to avoid future disputes
• Educate the next generation on their future responsibilities and how to manage their large inheritance
• Minimise inheritance tax
• Assist you in deciding how to hand over control of your business
• Allow you to consider the rewards of allocating some of your wealth to charity (find out more of the benefits by clicking here.)
• Give you the opportunity to plan for unexpected circumstances, such as losing mental capacity

The Private Wealth team at Goughs Solicitors, Wiltshire, specialises in advising clients on how best to structure their estates to ensure their wealth is passed down through their family.

A Will may be the most important legal document a high net worth individual can consider and create. A Will sets out how your assets, business, property and finances, will be distributed on your death.

Although, in cases of ultra high net worth estate planning you must have a very clear and comprehensive idea of how you wish your assets to be broken down on your death. A Will is the essential part of the process to ensure this happens. 

Goughs Solicitors can offer advice tailored to you and your family to create a Will that suits your requirements. A vague or confusing will may get contested after your death which will ultimately mean further suffering, and financial burden, on those left behind.