Private client partner Andrew Godfrey and consultant Richard Frimston have co-authored a chapter in the newly published Global Mobility of Ultra-High-Net-Worth Individuals (2nd edition), which provides expert insight into the legal and tax complexities involved in the relocation of ultra-high-net-worth individuals.
Andrew and Richard wrote the chapter ‘The succession law ramifications of relocation’, which explores the challenges posed, both to advisers and clients, by the mismatch between succession laws in different jurisdictions.
The chapter outlines key considerations including the interplay between civil and common law jurisdictions, the application of the EU Succession Regulation, renvoi, matrimonial property regimes, clawback provisions, and will substitutes.
They recommend advisers obtain full information from their clients to avoid liability in the event of non-disclosure and are rigorous in ‘probing preconceptions’, providing a checklist of questions to ask clients.
By definition, a citizen relocating will automatically bring into play cross-border issues; while residing in a new place, he or she will be extremely unlikely not to have assets and family in more than one jurisdiction.
Global Mobility of Ultra-High-Net-Worth Individuals (2nd edition) can be purchased directly from Global Law and Business.
Andrew Godfrey is a partner in the private client team, advising on cross-border private client matters, estate planning, estate administration, tax and trusts, often working directly with lawyers and accountants in the relevant jurisdictions. Richard Frimston is a consultant in the private client team, advising on estate planning, wills, probate and tax planning issues and offers Notary Public services.
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