THE ROYAL FAMILY

Inheritance and succession traditionally stemmed from family and kinship structures, often designating the eldest son or male family member as the heir responsible for upholding family traditions and duties. Some hereditary monarchies employed unique selection processes, especially during transitions between dynasties. An example is the shift in monarchy during William IV's lengthy reign, succeeded by Victoria. Victoria, being a woman, couldn't rule Hanover due to its male-only succession policy, terminating the personal union of the United Kingdom and Hanover. The Victorian era marked significant cultural shifts. This succession pattern continued in the British Royal lineage, with King George V reigning, succeeded by his eldest son, King Edward VIII, who abdicated to marry a divorcee, leading to the unexpected ascension of his younger brother, King George VI. King George VI faced the challenges of World War II and earned widespread respect. Upon his death in 1952, his elder daughter, Queen Elizabeth II, ascended to the throne, becoming one of Britain's longest-reigning monarchs. In 2022, she was succeeded by her eldest son, Charles III.

OUR PRACTICE

Succession planning means a vehicle (or vehicles) used to secure the interests of the family members who will succeed after one’s demise. It focuses on certain areas so as to rule out eventualities or glitches, legal or otherwise catering to the requirements of members of the family or in general, plan for devolution by balancing and safeguarding the interests of the family members.

One mechanism is by way of creating a (private) trust for the benefit of the beneficiaries. The concept of trust finds its origins in Roman law, specifically from the term 'Fiducia'. In ancient Rome, wealthy individuals entrusted friends to manage their property for the benefit of their wives and heirs due to legal restrictions on inheritance. Independently from Roman legal principles, it became the platform where the modern concept of trusts took shape. This development led to the use of "Uses" in land rights, a term derived from the Latin phrase "ad opus," meaning acting "on behalf of". This practice established a lasting framework where land was permanently held on behalf of others, forming the foundation of trusts. The common practice adopted for succession planning is writing a Will. Our Firm advises our clients in writing a Will and, wherever necessary, assists clients in obtaining probate or letter of administration. If the Will is contested, our Firm advises and represents the clients before appropriate forum. The other is creation of (private) trust. Family trusts are very effective and convenient, and if used prudently can be a great tool not only for succession planning, but also for managing assets, finances and investing in securities and utilizing the returns earned by the trust for the benefit of the beneficiaries.

Writing Will and/or creating a Trust needs personalized involvement with the clients. Our Success and Trust Practice team directly interacts with the clients to understand their wishes and mode of distribution, and personalize their Will and/or Trust, including, ascertaining classes of beneficiaries.