Specialism: Trustees Private Client Trustees
City: St Helier
case studies ()
Succession planning to avoid future family conflicts
Mark was recommended to provide trustee services to a multi-generational family (based in the US and the UK) by the family’s legal advisers. The primary driver of the family’s patriarch was succession planning, having consolidated their wealth into a significant managed investment portfolio, together with substantial UK property holdings.
The family had lost faith in their existing trustee and were seeking an alternative approach.
Assessing the current arrangements and in meeting the family members, it became clear that while succession was a key factor for the entire family, each of the individual family members had differing drivers and expectations.
The issue here was to ensure that the beneficiaries could be effectively managed as a class while avoiding potential future conflicts that might arise through their differing objectives. At the same time, multi-jurisdictional planning was necessary, so a number of associates were required in providing tax, legal, investment and property management/development advice.
The solution required active management of the family and adviser relationships, becoming trusted advisers to each family member, ensuring they understood their views mattered and were appreciated in determining the basis for future decisions. Ten years on and the family trust continues to be managed by First Names Group and there has been no conflicts, undoubtedly benefiting from the pro-active management approach instilled by Mark and his team.