Are your wealth planning and succession arrangements due for a health check?
Like taxes, death is a certainty in life and it's important to understand that when the inevitable happens, certain legal processes will be followed. Another constant in life is change, meaning that these arrangements should be reviewed regularly to ensure they’re up to date and relevant to your current circumstances and desired outcomes.

What you need to know

  • Even for wealth owners without a succession plan, it is important to understand that when the inevitable occurs, certain laws and processes will need to be followed that will determine who gets what, how and when. A “do nothing” analysis will ensure that there is an understanding of what such an outcome would look like.
  • Given that change is a constant in life it is vital to ensure that any wealth planning arrangements that are in place are reviewed from time to time to reaffirm that they are in line with current circumstances and objectives.
  • Almost without exception, each wealth-owner wishes to enhance the lives of their beneficiaries in some way. Often forgotten, it is important that any consideration of a wealth planning arrangement includes a review from the perspective of every person involved.
Leadership Updated on June 29, 2022

Very few of us live our lives in adherence to some master plan. Even for those that do, it is usually the case that our affairs tend to get more complicated as time passes by. Assets will often grow in number, type, location and value; and new family members are added by birth and marriage. Each new addition comes with its own set of issues, characteristics and requirements. When it comes to family office wealth planning arrangements, it is very often the case that structures are created to facilitate the tax-efficient acquisition of a new asset or the protection of family financial capital from a specific threat at a specific point in time.

In addition to changes in personal circumstances, the landscape within which we all live is also continuously evolving. In recent years there have been many far-reaching changes to legislation and the regulatory environment within which structures operate. Many of these changes would have been almost impossible to predict and their impacts, both intended and inadvertent, can be monumental. For example, the introduction of FATCA and the Common Reporting Standard now means that huge swathes of personal data are systematically shared between countries with very few exceptions.

About the Authors

Miles Le Cornu

Miles Le Cornu

Wealth structuring

Miles Le Cornu is the co-founder of MK Consultants Limited and has assisted families to create and administer state of the art wealth planning solutions.

Connect with Miles Le Cornu

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