What do I need to consider?
Making the right decisions now could set up your family’s financial stability for generations to come. There are several things to consider including:
Family circumstances
This includes where your family members live, their health, financial position, and long-term goals.
Your standard of living
What are your financial needs now and in the future? You must ensure you have sufficient wealth remaining to enable you to enjoy the lifestyle you want before you can pass on the excess.
Source of wealth
If your business is the source of your family’s wealth you need to consider what to do with the company after retirement or your death. That could mean either ensuring the smooth transition of the business to the next generation or creating an effective exit strategy.
Existing structure
Do existing legal structures still meet your requirements? For example, does your will provide sufficient protection for your beneficiaries? You may want to consider how using trusts or family companies could help protect your assets.
Your advisors
You may need professional legal or financial help. Your advisors need to work together on a long-term plan so that your financial structure complements your legal structure rather than working against it. Our team at Rowlinsons has vast experience working in partnership with other professionals and can help liaise with your advisors such as accountants, surveyors, and financial advisors.
What are the advantages of careful succession planning?
- Make it easier for the next generation to take care of your wealth, preserving it for many years to come.
- Provide stability through the inevitable ups and downs in the economy.
- Protect against bad lifestyle choices by less responsible family members.
- Educate family members on the best way to deal with their inheritance.
- Manage your family’s expectations of what they will receive.
- Reduce the chance of financial mismanagement or disputes which can quickly become expensive.
What happens if I don’t make succession plans?
It can take many years of blood, sweat, and tears to build up significant wealth. It is much easier to lose through mismanagement or being squandered by irresponsible family members. Succession planning can go a long way to avoid your hard work going to waste.
A carefully thought-out succession plan can preserve wealth and family heritage and ensure stability for generations to come. If you want the peace of mind that your wealth will continue to benefit subsequent members of your family after you’re gone get in touch today to find out how we can help you create an effective plan tailored to your needs.
Why choose Rowlinsons?
Our Wills, Trusts, and Estate Planning team includes leading experts in succession planning. You’ll get clear, comprehensive advice on how to ensure the proper management of your estate after you're gone so that you can provide optimal financial benefit and support for your family.
Succession planning can involve many areas such as family law, financial management, business assets, and property. As a leading full-service firm in the UK, we can cover these complex matters in detail. We’ll help you decide the best way to manage your assets and pass on wealth including identifying beneficiaries, deciding how and when they benefit, and carrying out those decisions.
Together we’ll discuss your unique situation and tailor a plan to suit your needs and those of family members. We’ll use our experience to structure your estate and consider tax and regulatory issues to ensure that the wealth transfers as smoothly and tax-efficiently as possible.
Contact our Succession Planning Solicitors
If you are ready to plan how your wealth will be passed on to the next generation, get in touch with the Lifetime Planning Solicitors Rowlinsons today for a no-obligation assessment.
We understand how complex this process can be. This is why we provide tailored legal advice for Wills, Trusts, and Estate planning that fits your situation, your family, and your estate. With the Rowlinsons team by your side, you can be sure your interests are protected for the future.
Our Solicitors in Cheshire regularly provide legal services for clients across the United Kingdom including individuals in Warrington, Widnes, St Helens, Chester, and Northwich, from our offices in Frodsham and Runcorn (Sutton Weaver).
We are here to support you every step of the way.
Call us today for an initial no obligation call or click here for a call back. We also have meeting facilities in North Wales by appointment.