News | October 6, 2020

How families can get the wealth transfer right and avoid things getting messy – EPrivateClient

Head of the Private Client Disputes Team, Caroline Miller, and solicitor Sarah Turner comment and discuss a number of key steps that you can take during your lifetime to help ensure the smooth transfer of wealth after your death and make sure to avoid leaving a family dispute behind you. These issues have become topical recently following the publicised legal action by the disgruntled heir to the Aldi supermarket empire against his mother and sisters for allegedly withdrawing millions from the family trust and embezzling funds. Key steps that you can take during your lifetime to help avoid potential problems on your death include making a Will and accompanying Letter of Wishes that take into account and deal so far as possible with any potential claims on your estate. A family constitution can also help in some circumstances, as can good communication and discussion with family members during your lifetime on succession to family wealth. Mediation can assist with reaching consensus on unresolvable issues. In summary, a robust plan for the succession of your assets during your lifetime is essential to help avoid a costly family dispute later. In the case of the Aldi family, it appears unlikely that there will be a settlement without all parties incurring substantial legal costs. This article was originally published on EPrivateClient on 05/10/2020. Please click here to read the full article.