You may be concerned about who should benefit from your wealth and who’s best to take over the management of your assets, business or family trusts. Succession planning will help you pass on your wealth in an organised way.

Our succession planning advisers work with families based in the UK and abroad, family offices and professional advisers. We’ll help you make and carry out the important decisions that will ensure your wealth and legacy are protected for future generations.

Contact our solicitors today to find out how we can help you. Call us on 0370 1500 100 or send us an email and we’ll call you back.

What Is Succession Planning?

Succession planning helps you decide how best to move your wealth on to future generations. It includes deciding who should benefit from your wealth, when they should benefit and then carrying out those decisions.

Succession planning usually involves making and Will to set out who should inherit your assets. For more complex families and wealth, there can be more steps like creating trusts or family investment companies to protect your wealth. It could also involve appointing professionals to help manage your assets.

Succession planning can help you:

  • Manage family expectations of what they’ll inherit
  • Educate the next generation on their responsibilities and how to manage a large inheritance
  • Minimise inheritance tax on your assets
  • Understand and make decisions about how to handle assets in different countries
  • Decide how to hand over control of your business and its assets
  • Think about putting aside some of your wealth for charity
  • Plan for unexpected circumstances, such as losing the mental capacity to handle your own affairs
  • Appointing professionals to manage your assets and business interests.

How Can Irwin Mitchell Help with Succession Planning?

Our legal and financial advisers work closely with you to understand your needs and goals. We’ll support you from beginning to end to help you minimise the risk to your legacy.

We can advise on:

  • Choosing how to distribute your estate after you die, who can help do this, and ensuring they follow your wishes
  • Educating those who’ll benefit from your estate as early as possible
  • Business succession and how to pass on your business to the right people or groups
  • Setting up or managing long-term trusts to preserve your wealth
  • Creating tax efficient family investment companies to protect and grow your family assets
  • How to handle your international assets and what legal and tax regulations will apply
  • Handing over assets to family members living overseas
  • Making charitable donations or setting up a charitable trust.

There isn’t a one size fits all strategy when planning to pass on your wealth. We work with many high net worth individuals and families that have complex relationships and expectations. We’ll help you plan the best way forward by giving you objective and pragmatic advice you can trust while building a long-term relationship with you.

Why Choose Irwin Mitchell?

We have a diverse team of experts that includes lawyers and financial advisers under one roof. We work together to give you tailored advice that best suits your needs for the future.

Succession planning is more than just transferring ownership of your assets. It can include family law, powers of attorney, Wills, international assets, tax and more. You’ll get detailed expertise from our succession planning advisers to help you navigate the complex process, leaving you with a positive experience of planning for the future.

Many of our solicitors are active members of STEP - Society of Trust and Estate Practitioners, and we’re often asked to act as executors and trustees for our clients.

To discuss your needs and wishes, contact us by calling 0370 1500 100 or send us an email and we’ll call you back.

Detailed knowledge of Wealth Management and how to protect assets
Advice tailored to your specific needs and situation
Offices in 14 locations across the UK
Tax efficient wealth structuring

Call our experts on:

0370 1500 900

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More Information - Succession Planning

Irwin Mitchell are a very professional, trustworthy and straightforward company to deal with. I would recommend them to anyone."

Frank Clayton, client

Frequently Asked Questions

What Is Power Of Attorney?

Yes, many of our clients ask us to help manage their affairs. Some of our solicitors act as executors of our client’s estates or as a trustee for a family trust.

You can also appoint a family member or someone you trust as well as a professional. That way you can rest assured those that know you best can make sure your wishes are carried. And a professional can give them the expertise they may need.

It’s not essential to appoint us to manage your affairs, we can advise you and those you appoint no matter what you decide. We’ll discuss your situation and make sure we choose the best option for you.

What Is A Family Investment Company?

Family Investment Companies (FICs) are private limited companies set up to hold family assets. They are becoming a popular option for wealth structuring and can provide an efficient alternative to traditional planning methods.

Some of the benefits include:

  • Tax-efficient – as companies they are taxed differently to individuals and trusts
  • No upfront inheritance tax charge
  • No restrictions on how much you can hold in an FIC
  • More control over how assets are distributed or used to provide for your family and what happens in cases such as divorce
  • Flexible about types of assets they can hold – for example, most types of real estate and also liquid investments, including assets held outside the UK

FICs are useful for any family with wealth to invest or if you want to protect, give away and grow assets in a structured way.

Our team can advise if an FIC is right for you and your family’s wealth. Visit our Family Investment Company page for more information.

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