Future planning for succession
There are a number of different structures that can be used to manage a family’s wealth, but the most important requirement is adequate succession planning.
Stonehage’s family office head Andrew Rodger refers to the famous and fictional Dickensian lawsuit of Jarndyce and Jarndyce as an example of why in real life succession planning is vital.
“This is the sort of thing that can wipe families out,” he says.
Caroline Garnham, a partner at law firm Lawrence Graham, agrees. She describes situations where the only concession to succession planning is a letter of wishes with no power.
“The big problem with letters of wishes is very often they’re letters
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