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Married v Unmarried: Wills and inheritance claims

February 1, 2023

Everybody with assets should make a will tailored to their circumstances. And ultra-high-net-worth people, especially those with a complicated private life, are no exception. Discover how the Inheritance (Provision for Family and Dependants) Act aims to clear up the validity of a will when the ‘beneficiaries’ are numerous.

Since it was enacted in 1975, the family provision legislation, also known as the Inheritance (Provision for Family and Dependants) Act, has generated a large amount of press coverage. As a result of claims based either on a valid will which, a disappointed ‘beneficiary’ asserts, produces an unreasonable result or on an intestacy (occurring when a person dies without leaving a valid will).

Why the Cayman Islands is a preferred jurisdiction for family offices

October 14, 2021

The Cayman Islands is a highly attractive jurisdiction for setting up family offices and in recent years, many ultra-high net worth families have chosen to make the British Overseas Territory in the western Caribbean Sea both their home and their headquarters for their global operations.

The impact on philanthropy and charities when ultra-wealthy divorce

August 17, 2021

Charitable giving is increasingly becoming a keystone in ultra-high net worth family estate planning. Therefore, in considering how to unwind an estate plan on divorce, thought must be given to how to disentangle the family’s charitable activities.

How a philanthropic programme can be bisected such that each party can pursue their own independent path depends significantly on the form of that programme; at its most complex it involves a close investigation of UK charity and trust law to determine the best way to separate the two individuals.

Entrepreneurial families in a post-Covid world—where wealth transfer meets governance transfer

July 28, 2021

Much has been written about "The Great Wealth Transfer" that is expected to happen over the coming years as Baby Boomers pass their wealth to next generations. Both the estimates of what value is to pass, by inheritance or gift, and the timeline over which this is to happen vary widely.

‘Big shoes to fill’: A next-gen enters the family business

April 29, 2021

When I joined my family company a few years ago, fresh out of college, I was determined to work hard and prove my worth, but always had a “Don’t mess this up” post-it stuck at the back of my head.

Acumen, capital and purpose: Family office private equity insights for 2021

February 16, 2021

Family offices can act as reliable providers of direct company equity and debt funding to successful private businesses who are finding it difficult to find sustainable sources of efficiently priced capital from institutional providers currently caught up with responding to Covid liquidity requirements for public companies and governmental agencies.

Estate of play: Do trusts have a role in international estate planning?

March 14, 2017

Most people, when they think about trusts, immediately associate them with tax planning. Although controlling exposure to tax may be one reason why people use trusts, they have many other uses, as Robert Brodrick, trusted adviser and partner at Payne Hicks Beach, explains.

Rinehart offers olive branch in family wealth dispute

August 5, 2013

Australian mining magnate Gina Rinehart has offered an olive branch to her two children that are taking civil court action against her regarding the management of the family wealth and controlling shares in the family business.

In an open letter to siblings John Hancock and Bianca Rinehart, the businesswoman – who at an estimated net worth of AUS$22 billion (€14.7 billion) is the country’s richest woman – said she was willing to appoint a co-trustee to the family trust.

IFB calls for simplification of family business trusts

February 3, 2011

The UK-based Institute for Family Business has recommended that the rules governing creation of a family business trust be simplified so that families can plan their succession successfully.

According to IFB, family businesses use trusts to ensure stable management of the business, especially when handing over control to the next generation.

Grosvenor makes new appointments

January 19, 2011

Privately owned property company Grosvenor, has appointed Jeffrey Weingarten as the new chief executive of Grosvenor Fund Management, succeeding outgoing Stuart Beevor.

Previously a consultant to the business, Weingarten (pictured) joined the company as non-executive chairman in September 2010. Between 1991 and 1995, he had served as the US chief investment officer at Goldman Sachs Asset Management. Outgoing Stuart Beevor joined Grosvenor in 2002, and was involved in the formal establishment of the GFM in 2005.