In the current challenging environment, it is important that you are well placed to provide for your family should something happen to you.
We would like to share some thoughts with you during this difficult time about aspects you may wish to consider to ensure that your family can enjoy the wealth you have worked hard to achieve for many years to come.
Do you already have mechanisms in place to transfer your wealth to your family if an unexpected event occurs? It is important to make sure that you have a clear system in place to allow your heirs to deal with the consequences in such a way that the ownership of your assets can be transferred to them without any lengthy or costly legal processes.
What would happen if you became unable to work? Who would take important business decisions and deal with medical or other emergencies if you were unable to? A living power of attorney or other suitable instrument involving a professional who is close to the family could help.
A private trust can help you and your family protect your assets from third parties. It also helps to provide for the needs of your family in an emergency, whether for medical and educational purposes or any other special requirements. Bankable and non-bankable assets can be transferred into a trust during your lifetime to ensure that the family’s needs continue to be met using the services of a professional and licensed trustee. This can also include a provision to allocate funds for any particular charitable purposes that you wish to support. In addition, life insurance can be utilised to plan for your family’s future.
For those who do not have a will, the local law of the country in which you are resident will dictate how your assets are divided between family members. If you have a will, but spend time in other countries, or own property abroad, or have citizenship/residency status in another country, it is important to ensure that the will is regularly updated so that it remains valid to cover all of your assets.
We understand that high net worth individuals are likely to diversify their assets across various categories such as private equity, real estate, trading businesses, bankable assets etc. This may make it difficult to keep track of what or where the assets are and how they are performing on a global or consolidated basis. We strongly believe that consolidated reporting can assist in giving you a clear overview of what or where your assets are and how they are performing.
Depending on where you live, you may not be able to travel easily. Having this freedom could help to mitigate unforeseen consequences. Countries such as Switzerland, Cyprus and Singapore welcome entrepreneurs and their families and offer various programmes to attract such individuals and their families to take up residence in the respective country.
It is important to review your affairs on a regular basis in order to keep everything up to date and ensure that it is still fit for the intended purpose.
We look forward to hearing from you if you are currently affected by any of these issues and would be happy to discuss possible options with you.
Please contact us for a free consultation:
David Sykes
Head Trust & Corporate Services,
swisspartners Marcuard
Heritage AG Switzerland
david.sykes@swisspartners.com
Cintia Amoros
swisspartners Marcuard
Heritage AG Switzerland
cintia.amoros@swisspartners.com
Lucia Luchetti
swisspartners Marcuard Trust (Singapore) Pte. Ltd
lucia.luchetti@swisspartners.com.sg
Evelyn Tay
swisspartners Marcuard Trust
(Singapore) Pte. Ltd
evelyn.tay@swisspartners.com.sg
Andreas Hadjimichael
SPMH (Cyprus) Limited
andreas.hadjimichael@swisspartners.com.cy
Anastis Nikolau
SPMH (Cyprus) Limited
anastis.nikolau@swisspartners.com.cy
Your Wealth at a Glance.