5 Minutes with Glaisyers ETL
We chat to Chris Burrows, Head of Private Client at Glaisyers ETL
When it comes to planning ahead for your familyโs financial future, working with an advisor who fully understands the management and growth of your personal and business wealth is paramount.
Chris Burrows, helps high-net worth clients to face a variety of challenges, including planning the gifting or inheritance of their assets; the management of their personal finances including business assets and personal health & welfare planning.
In our exclusive Q&A with Chris, he offers his specialist insight on how best to manage your assets for the future.
What is estate planning and why is it important?
Estate planning means taking control over the inheritance and management of your property, business and financial assets so that when you die or can no longer make decisions, there are appropriate arrangements in place. This could include making a will or powers of attorney.
Appropriate estate planning can also help you to make sure your estate will be passed on in a tax-efficient way, making the most of any available exemptions or tax relief.
I own a business; are there extra things I need to think about?
All business owners should think about succession planning and make sure they understand their options for passing on their shares. Some families will want to take on running the business, while others see it as an investment and want to pass on the value instead. Estate planning will help clarify your options; be it bringing people into the business or passing on its value either during your lifetime or following your death. Businesses can benefit from inheritance tax relief in the right circumstances, and itโs important to know whether your plans take advantage of any exemptions or reliefs.
My spouse and I have both been in relationships before. Can we provide for each other but also protect an inheritance for our respective children?
Couples often put off their planning because theyโre worried about this issue, but it affects lots of families. A good estate plan will look at the resources available to both of you and how these can be used for everyoneโs benefit.
We might use a trust in your wills to โringfenceโ assets when the first person dies. This means the surviving spouse can continue living in the joint home or receive the income from investments, but ultimately, the value will pass back to the children of the person who has died. Each person can protect their own assets for their โsideโ of the family. Other options might include lifetime gifting or working with your financial advisor to make sure your pension and life insurance will tie in appropriately with the plans you make in your will.
If I canโt make decisions for myself in the future, whatโs the best way to make sure my wishes are followed?
The prospect of losing the mental capacity to make financial or health decisions is a very common worry. If you donโt put plans in place then the people closest to you can be faced with problems dealing with your money, business and medical decisions.
A Lasting Power of Attorney lets you nominate people you trust as your attorneys to make decisions for you when you canโt. There are separate LPAs for financial and health decisions, giving you flexibility over the decisions others can make for you.
Are there extra things a business owner should think about when they make a Lasting Power of Attorney?
Business decisions can be very different from your general financial affairs. Close family members might not really understand your business or there might be regulatory requirements about who can run your business if youโre not able to.
A Business Lasting Power of Attorney lets you separate business decisions from your personal finances. This gives you the option to involve people who will know how to run your business in your best interests.
For example, you could appoint your business partner and your spouse to make business decisions for you, but separately appoint your spouse and children to make your personal financial decisions.
I want to give some assets away while Iโm around to see the family enjoy them. What are my options?
Lifetime planning can range from simple gifts of cash or property to more complicated arrangements, such as lifetime trusts or family investment companies.
The right option will depend on the value of the gift and how much control you want to retain. If you give assets away, there is a risk that the beneficiary might not use the money wisely or it could pass to someone outside of your family through a divorce, or if the beneficiary dies.
Trusts or companies can give you more control over who benefits from your family wealth, and when they receive the money.
I own assets in a different country. Can my estate plan deal with this?
We deal with lots of clients who have assets or families in other jurisdictions and can help you work out whether English law or the law of a different country will affect your plans.
It may be possible to cover your international assets in your English estate planning, but there can be advantages if you make wills in each jurisdiction. If you make wills in more than one country, it is important to ensure that they donโt conflict with each other, so your estate can be administered smoothly following your death.
Why should I instruct Glaisyers ETL for my estate planning?
The Glaisyers ETL Private Client team is dedicated to helping clients find the best way to manage their estate planning. If you choose to work with Glaisyers, you will work with a solicitor who specialises in inheritance law and has significant practical experience in administering estates.
Your solicitor will be able to answer your questions about the reality of dealing with assets, inheritance tax and running any trusts you include in your wills or create in your lifetime.
At each stage, the Private Client team will ensure you receive detailed guidance when planning your estate, whether the issues are personal or legal.
Our team is recognised in the Legal 500 thanks to the combination of in-depth technical skills, specialist knowledge and a no-nonsense approach.
Making sure your wishes are respected after your death isnโt the easiest topic to think about, but Glaisyers ETL can help. The best way to make sure your beneficiaries receive their inheritance in accordance with your wishes, and in a tax-efficient manner, is to instruct a specialist estate planning solicitor.
Dealing with legal issues can be a stressful experience, which is why you should never attempt to go it alone.
With offices in Manchester and London, plus a global footprint in 50 countries, Glaisyers ETL ensures their clients get the best legal advice wherever theyโre based.
You can contact Chris directly by emailing Chris.Burrows@Glaisyers.com, or giving him a call on 0161 833 5694
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