Estate Planning

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More than just a will

Establishing your legacy

Our wealth team goes the extra mile to understand exactly what you want to achieve in determining how your assets will be dispersed after you are gone. Estate planning at Lang and Barrett International encompasses far more than simply having an up-to-date will. It includes establishing your legacy and arranging the successful passage of your assets to the next generations.

A well-ordered estate plan can help your family in many ways. By clearly setting out who is to benefit and what assets they are to receive, family disputes and potential litigation can be avoided after your death. Planning also helps reduce unnecessary expenses and taxes, leaving more for your heirs to inherit and ensuring that the probate process is not delayed.

Authorizing the right people

Estate planning can also help you determine who should be authorized to manage affairs on your behalf if you find yourself in a position where you can no longer manage them yourself. Depending on your circumstances, estate planning can be complex and incorporate several legal documents and insurance policies.

The Lang and Barrett International wealth team will review your situation and planning measures and suggest an experienced lawyer who can prepare all necessary legal documents if you do not already have one. After initially completing the documents related to your estate, you will still need to regularly review your situation to ensure your objectives are still being met.

Some of the areas to keep in mind when planning your estate include:

Taxes

One of the common areas to consider is if a married couple is correctly using their full allowances, the value of which varies between countries. In addition, gifts can be made before death, and any tax consequences resulting from these transfers must be understood and mitigated.

By looking at all situations well in advance and understanding potential tax challenges, our wealth team can help protect your beneficiaries from future liabilities.

Legal expenses

Upon your death, the last thing you want to burden your loved ones with is dealing with prolonged legal issues and their associated expenses - especially if they could have been avoided. Clearly written instructions prevent family disputes over who receives which assets, which can delay probate, add expense, and result in less money ultimately being received by your heirs.

Overseas assets

In today's global society, it is more common for an estate to include assets in more than one country, covered by different laws and regulations. As a result, each jurisdiction will likely need to have individual arrangements made and legal documents drawn up. The Lang and Barrett International wealth team will help you identify potential issues and find an estate-planning lawyer familiar with a particular country's rules and regulations.

Legacy planning

A legacy is more than the transfer of assets; it is passing down your core values, morals, and experiences to future generations to create an enduring connection with them. A legacy enables the next generations of your family to adopt and adapt these traits to ensure their lives are meaningful or pass on a passion for charitable giving.

Trusts

Trusts are set up for many reasons, including protecting the trustor's assets, ensuring that assets are distributed in line with the trustor's wishes, saving time, lessening paperwork, and, in some instances, avoiding or reducing inheritance taxes. Trusts can also be used to support individuals who cannot manage their finances or hold assets for minors until they reach adulthood or a pre-determined age.

Overall wealth strategy

For clients that require more in-depth planning guidance, the Lang and Barrett International wealth team can help with multi-jurisdictional families, wealth restructuring, and marriage and divorce planning. In addition, we can develop a comprehensive exit strategy for the transition of your business, whether it is to be passed on to family members or sold and the proceeds passed to loved ones.