Planning for the future, resolving family financial matters, or navigating inheritance disputes can be deeply personal and often complex. In this new series, we speak with members of our Wealth Protection team to share insights and advice on the issues that matter most to individuals and families.
In this edition, we hear from three of our legal advisors:
- Tom Biddick, partner within the Rural sector and head of the Private Client team.
- Sarah Atkinson, partner and head of the specialist Family Finance team.
- James Burrows, partner and team leader of Inheritance & Trust Disputes team.
Each specialises in a different area of wealth protection – and reflect on the concerns they help clients address, the approach they take to sensitive matters, and what makes their work meaningful.
What should individuals consider when starting to plan for their family’s future?
- Tom: “The key to family succession planning is having a well thought out plan and implementing this in a considered manner. This involves ensuring all members of the family have Wills in place to ensure their estates pass as intended should the unfortunate happen and continuing to review your Will as family and personal circumstances change. Doing so opens up conversations about whether any other steps should be taken to pass assets on in a tax efficient manner within the framework of a clear succession plan. This may be a multigenerational timeline, so starting early is key.”
- Sarah: “Considering the aims of the family in the short, medium and long term is the best place to start. Having the right team of lawyers will help ensure the most appropriate options are then considered, depending on the aims of the individuals and family as there is no ‘one size fits all’ when it comes to wealth protection.”
- James: “Having open and frank conversations. All too often, a reluctance to talk about future planning early can lead to some unpleasant surprises later. It is those that can then lead to disputes between the family.”
How can legal support help ease the stress of managing family finances or inheritance matters?
- Tom: “Inheritance tax (IHT) rules are complex, changing, and often misunderstood but usually, with careful and thoughtful advice and planning, we can help explain what is relevant to you and formulate a plan to significantly reduce or mitigate any potential IHT liability. With life’s complexities, this can be essential for the ongoing viability of family businesses in the event of a death of a loved one and hopefully takes one less stress off their shoulders.”
- Sarah: “Issues such as inheritance and wealth protection can seem complex and daunting at first glance, but taking expert legal advice can make sure that potentially complex issues are translated into an actionable plan, providing clarity and certainty to avoid unnecessary stress for families.”
- James: “It goes without saying that we can advise you on the legal aspects of what you want to achieve. But we are also able to counsel you through how to raise that within the family to help avoid conflict.”
What’s one common misconception people have about wealth protection or inheritance planning?
- Tom: “That these are areas that only need to be considered later in our lives. Not being ready for the unexpected can place an unnecessary stress and burden on your loved ones.
- “Likewise, there is a general misconception about to whom your estate will pass if you die without a Will, this is all the more complex for unmarried couples who simply do not have the same rights as a widow/er on death.”
- Sarah: “There can be a misconception that involving family lawyers means there is an expectation of conflict arising. In reality, our role as family lawyers in the context of nuptial agreements is the complete opposite. Family lawyers are there to make sure the right protections are in place for individuals and the wider family. By having appropriate agreements in place and clarity for everyone involved, scope for future conflict is minimised.”
- James: “In my line of work, the ‘common law spouse’. If parties are in an unmarried relationship and one dies without a will, or they separate, there are no automatic rights to assets such as a married spouse might expect”
What do you find most rewarding about helping individuals and families through these personal legal matters?
- Tom: “The opportunity to act for and work with multiple generations and watch their family businesses and wealth thrive, whilst also being preserved and passed down as tax efficiently and harmoniously as possible.”
- Sarah: “Helping clients and families navigate what can often be complex and stressful issues and knowing they have been able to put a plan in place for their family’s future security is what I find most fulfilling.”
- James: “The emotional support we can provide, alongside the legal assistance, is what I find most fulfilling.”
Meet the Team
Tom: “My team advises and supports clients in a variety of manners, such as:
- Estate planning, including Wills and Lasting Powers of Attorney, both of which are essential in reducing the complexity and cost involved when someone loses capacity or passes away.
- Advising farming families and business owners on tax efficient estate planning measures and obtaining the protections of agricultural property relief and business property relief.
- Working with colleagues in our Inheritance Trusts & Disputes, Family, Corporate and Property Teams (amongst others), to share our specialisms and provide our clients with a full-spectrum service under one roof.
Our diverse knowledge and work allows us to identify the needs of our clients and work with them to protect themselves and their families for generations to come.”
Sarah: “My team advises:
- Those who either are married or intend to marry to ensure their assets and family wealth is protected through nuptial agreements. We collaborate with colleagues in the Private Client and Corporate teams to ensure that wills, trusts and any corporate structures all work together with the nuptial agreement.
- On divorce and related financial settlements.
- Married couples who have separated and want to take advice from the same lawyer together – this is our relatively new Resolution Together Service for amicable couples who wish to achieve a fair outcome in the most cost-effective way.
We help clients protect their wealth when entering a marriage, or protecting wealth received during a marriage, by advising in respect of Nuptial Agreements. Whilst one part of our role is to do our utmost to protect our client’s wealth and avoid conflict, when there are breakdowns in marriages, we are equally adept at resolving disputes and we are recognised as the leading family team in the South West.”
James: “My team assists either:
- Those with cohabitation (unmarried couples living together) issues.
- Those with a dispute over inheritance.
With extensive experience in these areas, we can help clients either with future planning, such as cohabitation agreements or taking steps to try to avoid a future dispute between surviving relatives, or helping when the worst happens and a dispute arises.”
This article was jointly written by:
Tom Biddick, partner within the Rural sector and head of the Private Client team.
Sarah Atkinson, partner and head of the specialist Family Finance team.
James Burrows, partner and team leader of Inheritance & Trust Disputes team.
If you require any assistance regarding any topic that this article has mentioned then please contact us on 03454 505 558.