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Beth Bell & Megan Freeman set out legal & governance strategies that can help prevent disputes in wealthy families
- Effective succession planning can help to ensure families keep their wealth.
- Looks at the evolving role of the family office in handling strategic planning, investment management, legal and tax advice and asset management.
- Suggests using non-binding family constitution documents, family councils and education programmes to steer families away from expensive disputes.
Family wealth in the ultra-high net worth (UHNW) sphere is becoming increasingly complex and international. At the same time, the so-called ‘great wealth transfer’ is expected to see substantial assets pass from the baby boomer generation to their children and grandchildren over the coming decades. Stewardship and succession planning is a key concern for these families.
Family wealth faces a range of external risks, including market volatility, economic downturns and geopolitical uncertainty. Internal factors can however be equally challenging. Family disagreements, competing expectations and values, and breakdowns in communication can threaten both family relationships
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