By ILS World
As we adjust to the enormous disruptions and challenges Covid-19 has brought about it is also an opportunity to pause and reflect on many aspects of our lives.
With so much more time on our hands we have a unique chance to spend some time creating an inventory of assets, liabilities and to consider the wider issues surrounding estate planning.
A task often put on the back burner it is a lot more than just writing a will. Increasingly there is an international element involving nationality and residence issues, location of assets and succession rules.
It may include deciding how best to look after young children, vulnerable adults, reducing estate/inheritance taxes, reducing the complications of probate alongside the need to ensure liquidity needed for settling estate expenses. Other considerations may include cohabitation, marriage, divorce, re-marriage, extended families and retirement.
To add into the mix is the very different legislation and procedures applied in different jurisdictions.
As a starting point for estate planning consider the following:
Trusts and foundations can be essential tools in estate planning and ILS World has a great deal of experience in them in several key jurisdictions.
Trusts may be established as stand-alone solutions or as part of a larger structure. Our private client team draft trust deeds, provide a corporate or individual trustee, establish related corporate structures, maintain trust accounts, arranging banking facilities and administration. Where necessary the team will liaise with specialist lawyers to ensure drafting is bespoke and precise.
The team also establish and administer foundations in a number of jurisdictions. They are a robust vehicle for protecting and delivering assets for private, commercial and charitable wealth. Foundations offer flexibility and control over the administration of assets and are ideal for clients more familiar with civil than common law.
Our foundation services include planning and structuring the foundation, preparing the foundation charter, providing council members and where appropriate we can act as registered agent together with establishing bank accounts, administration and accounting.
For further information please contact firstname.lastname@example.org
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.
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