We worked with a very wealthy client whose UK estate is worth over £56m, and who also has property overseas. He needed specialist advice in a number of areas, including reducing the amount of tax payable on his business properties and protecting his assets for future generations.
This was a complex case because of the types of property and business interests involved, including two private hospitals and a Family Investment Company. There is a liquidity to the assets in his estate, which means their value can change, so it was very important to consider how his Will should be written to reflect this without causing confusion.
The complexity and the specialist knowledge involved in this case meant that we worked alongside the client’s financial adviser and accountant to make sure we could offer the best advice possible. Together we undertook a full review of his business interests.
After gaining a good understanding of the client’s needs, we were able to create a Will which reflects his circumstances but is flexible enough to adapt as his assets continue to change. It was decided that his Will would reflect only his assets in the UK and he would seek advice in other jurisdictions.
Having worked successfully with this client, we are also now advising other members of his family with Wills and tax planning, as well as liaising closely with the family’s accountants. These include his wife (£40m estate), his daughter (£20m estate), his sister (£36m estate including assets in Iran) and his brother and wife (£30m estate).
