Succession Planning
Succession planning will help you to ensure that the wealth you have amassed during your lifetime is passed onto future generations in the way you would wish.
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Planning for the future in this way will help you decide whether to create family trusts, instruct professionals to help you invest or help you to provide for charitable causes. Where family businesses are concerned, planning can help you ensure there is a seamless handover to the younger generation.
Succession Planning for Families
When it comes to wealth, family structures can sometimes be complicated, for example we are living longer, sometimes with multiple careers or multiple or international aspects to marriages. Your family is unique and our team is there to support you and bring a sympathetic and unbiased perspective to what can sometimes appear to be extremely complex or sensitive issues.
Succession Planning for your Business
For many family run businesses, succession planning is key to ensuring consistency and continuity. Having a well-thought out succession plan will ensure a seamless transition to the younger generation, with plenty of time for the appointed successor or successors to become familiar with their new role. Having a well-thought out and transparent plan for the future will ensure confidence from existing employees, investors and other stakeholders.
Business Lasting Powers of Attorney
Succession planning in business is a strategy for passing on senior leadership roles (or ownership of the business) to a family member, an employee or management group within the business. The main aim in any succession planning is to ensure continuity of service to your customers or clients and to have a clear path forward for investors and other stakeholders. A Business Power of Attorney will allow you to identify which of your senior management team you would like to nominate to take the helm and make relevant business decisions if you find you are incapacitated for any reason. Our team will be able to help you through the planning stage and advise on implementation and communication of your decisions.
How we work with you
Whilst based in the South of England, Paris Smith acts for businesses and families throughout the UK. Technology has enabled us to provide a high level of service to our clients whether they are local to our offices or not. Our advice can be given in many ways:
- Over the telephone
- Via video conferencing
- In face to face meetings
We will talk through how you would like to be contacted and the best ways for us to meet in our early conversations with you.
Get in touch to speak with an expert.
Introducing your key contacts
William Hadley
Partner – Head of Tax & Estate Planning
Nick Turner
Partner – Succession Planning, Southampton
Vicky Day
Partner – Wills, Trusts & Estates
Succession Planning Services
How we’ve helped our clients
Chambers and Partners Legal Directory 2022
The Succession Planning team are ranked in both the Chambers UK Legal Directory and The Chambers High Net Worth 2022 editions.
The Chambers UK Legal Directory states: The lawyers at Paris Smith advise wealthy clients on a range of succession planning techniques including estate planning and trusts. The team also advises on tax planning.
Several sources praise the firm’s client service. One interviewee says: “They are very professional, the service feels very tailored and personal to clients.” Another source notes: “They are knowledgeable and responsive to client needs.”
The Chambers High Net Worth edition states: Paris Smith has a considerable team of private client lawyers able to assist with wills, estate planning and tax matters. The team can also advise on contentious estate matters.
A source says that the team has “a depth of expertise in complex estates and disputes,” while another adds: “They recognise the personal as well as the legal issues.”
Will Hadley is listed in the Chambers High Net Worth edition as a notable practitioner.
Legal 500 Directory – 2024 Edition
Receiving instruction from landed estates, farmers, and entrepreneurs, Paris Smith LLP’s team is highly experienced in advising on tax-efficient wills and creating trusts in line with family investment companies. Within the department, there is a specialist Court of Protection and contentious probate section. Vicky Day leads the group from Southampton after arriving from Coffin Mew LLP in July 2022. Anthony Nixon is an expert in succession planning and associated tax issues, while Winchester-based Jason Oliver is highly knowledgeable in contentious trust and estate matters. William Hadley focuses on inheritance and capital gains tax planning.
What clients say:
‘Great service and legal advice.’
‘Anthony Nixon clearly has a handle on the legal issues we have that require a range of varied skills, and can find people in his wider team to support with their expert knowledge. I believe too we have received value for money and a clear roadmap moving forward.’
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