Client Story

Private Client Partner’s advice ensures young couple’s future is secure

14th September 2023

When a young couple wanted simple wills leaving everything to each other, and then to their children, they looked to Private Client Partner Laura Banks for guidance.

Laura identified that the husband had shares in substantial private companies which were growing rapidly in value, and that the children were from previous relationships. She advised on the possibility of a trust on first death to protect the company assets long-term for the children, while also while also maintaining flexibility and being able to benefit his spouse.

She also suggested a trust on second death so that the children would not receive valuable share holdings at an early age, so protecting the assets for them long-term. Taking everything into consideration, Laura then advised the need to appoint guardians to look after the children, along with the benefits of Lasting Powers of Attorney to protect the clients during their lifetimes.

Laura’s clients now have wills which not only provide for the family in the way they wished, but also safeguard the children from inheriting substantial wealth at too early an age.

The wills also protect the private companies for the remaining shareholders, while being inheritance tax-efficient for Laura’s clients. The clients have Lasting Powers of Attorney ready in case of a medical emergency or change in health so that there will be no issue with funding their lifestyle or issue with running the businesses in the future.

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