While Brexit has not changed private client work in any obvious way, it is having a knock-on effect. For one, it has focused the spotlight on how English trusts work for clients, as come January 2020, new money laundering directives will further tighten rules around the transparency of trust ownership by putting more of them on a central register. Also at issue is how jurisdictions across the Channel are jockeying for private client business after Brexit. Whether the UK will be part of these new money laundering directives, like much else at the moment, is unclear, and quite how EU member states will declare their own trust-like structures, as required by the Commission by September, is something UK lawyers are watching with interest.
Richard Frimston appears in Wealth Briefing discussing the effects Brexit has had on private client work.
Brexit's Effect On Trusts - An Exploration is available to read on the Wealth Briefing website.
Richard is a consultant in the private client team. He advises clients in relation to their estate planning, wills, probate and tax planning issues and offers Notary Public services. Areas of expertise include cross-border estates and international private law issues.