15 November 2019

Arti and Collette wish to assist Mona Lisa during this challenging period of her life where she is facing a divorce and concluding her university studies. They take advice on a range of matters, regarding gifting, revising their Wills, tax advice, and setting up a trust in Mona Lisa’s favour.

With the various changes in their circumstances since they first drafted their Wills, they return to BTO’s Wills, Estate and Succession Planning team to review them.

The original Wills had been suitable for them at that time in their lives. However, a lot has changed since then. They now have two children who have grown into young adults and they have managed a successful business which they hope to pass onto the next generation in the coming years. Having built up their relationship with BTO’s team, and given the team’s in-depth knowledge of their financial affairs, the decision to return to BTO makes complete sense.

Arti and Collette have a meeting to review their entire financial state, including the business property. They are kindly encouraged to invite their financial advisor to the meeting too, so their affairs can be discussed from different perspectives. Following the meeting, their solicitor Ross Brown is able to collate an IHT projection of their assets which informs their decisions of how to design their new Wills and other tax planning measures they may wish to put in place to mitigate their future liability.

It is important to Arti and Collette that their children reap the benefits of the business that they have spent years building and making successful. They are advised on the various tax reliefs for which they will be eligible under Business Property Relief. Ross also provides information on how much they can legitimately gift of their estate, without incurring further tax consequences.

Given their daughter’s troubled marriage, they are conscious that they do not want her spouse to inherit from their estate, in the process of their daughter’s potential future divorce. Ross designs Wills which will assist in manoeuvring Mona Lisa’s inheritance away from her own estate, by using another type of trust (once again, defeating Arti’s preconceptions of the uses of a trust). This advice and assistance is greatly appreciated, as Arti and Collette have both been feeling particularly stressed about their daughter’s circumstances. Ross understands their emotions and is happy to work with them to achieve the best result.

Contact: Ross Brown, Partner and Registered Trust and Estate Practitioner

E: rbr@bto.co.uk / T: 0141 221 8012