Advocates & Corporate Advisors

Estate Planning

In servicing the interests of high net worth clients, succession planning is an important feature of our commercial team’s responsibilities. Clients of this calibre invariably have created a complex web of companies and trusts in which their wealth is contained. A will cannot govern the succession of assets held by these entities. It is therefore necessary to consider succession plans for companies and trusts. These in turn require careful attention to detail in avoiding unexpected taxation consequences arising from a resettlement of trusts or stamp duty consequences especially in land rich entities, companies and unit trusts.

This was addressed through a number of initiatives, which included:

• The creation of special purpose class trusts which provide each class of beneficiaries with different entitlements to income and capital with appropriate flexibility to vary these entitlements during the life of the patriarch and matriarch of the family.
• Transferring assets between clone discretionary trusts.