Succession planning

Transition of wealth from generation to generation is an inherent part of wealth planning activities and is to be carefully planned for. Solutions to be employed shall largely depend on wealth composition, jurisdictions involved, family complexity and wealth owner’s wishes and intentions. They most commonly include testamentary provisions, life-time gifts or prenuptial agreements and are based on the domestic laws of the jurisdiction of the wealth owner. Yet cross-border inheritance can be quite a challenging exercise requiring costly and time-consuming probation procedures in various countries involved and resulting in the partial loss of control over the inherited assets. This could represent a significant problem for wealthy families with great international exposure and assets spread across the globe. The solution to this problem could be settlement of the assets into a trust or establishment of a family foundation with the dispositive rules designed in accordance with the settlor’s or founder’s wish and objectives. Life insurance contract could also serve as a means to safely pass the wealth on to the future generations. 

MP Part advises our clients on various succession planning opportunities. We will discuss with you the solutions available and assist in implementing the most suitable plan to ensure that your wealth is smoothly passed to future generations in accordance with your wishes and intentions. Our offering in the field of succession planning includes:

  • identification and implementation the right succession planning vehicle;
  • settlement and administration of family trusts with the desired dipositive powers;
  • establishment and administration of private or family foundations;
  • assistance with execution of lifetime gifts and testamentary arrangements in foreign jurisdictions;
  • support in dealing with life insurance solutions;
  • coordination and supervision of cross-border probation procedures.