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Challenges facing families during the great wealth transfer

What hurdles might families face as they seek to hand down wealth to the next generations? Our webinar on 3 November was presented Mary Humphreys from Nedgroup Trust and Chris Hards of Ogier and sought to help you to understand the challenges and what support is on hand.
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Published 3 November
48 mins

The next 25 years looks set to see the greatest transfer in wealth in history play out as those born after World War II seek to hand down wealth to the next generations. However, the wealth transfer is unlikely to be as smooth as it sounds. But why, you may ask?

Mary Humphreys, senior trust manager at Nedgroup Trust, joined by Chris Hards, managing associate in the private wealth team at Ogier, for a webinar on the topic, with the discussion exploring the various obstacles that may need to be overcome by those transferring the wealth and those receiving it.

We also discussed how families can manage these transfers successfully, overcoming the challenges posed by divergent issues (such as climate change) and different personalities (such as the overly entitled). And we outlined the use of wealth planning and structures, as well as the  opportunities created by family offices and private investment companies, to help manage wealth fairly and sustainably for all concerned.

Should you require any further information as to how we help different generations of clients, please contact your usual Nedgroup Trust relationship manager who would be happy to discuss examples of the support we provide and help you understand the different options available to you.

 

Or, if you are not a client, but would like to find out about Nedgroup Trust’s services, please get in touch using the links to the forms towards the end of the page.

The structures and wrappers used are provided for illustrative purposes only, and are not to be read as an invitation or inducement to buy a service. This content does not constitute advice or a personal recommendation. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.

about the presenters

Mary Humphreys

Mary Humphreys

Mary joined Nedgroup Trust in 2020 as a senior trust manager. She has been in the industry for 16 years, having started her career at KPMG. She has progressed through the ranks from assistant administrator through to senior trust manager, and now runs her own complex portfolio of clients. Mary also publishes a wide variety of articles.

 

She completed her STEP Diploma in 2012 and went on to gain recognition by attaining the STEP Certificate in Foundation Law and the STEP Advanced Certificate in Trust Disputes, both of which she passed with distinctions.

Chris Hards

Chris Hards

Chris is a managing associate in Ogier’s private wealth team. As well as advising trust companies and high net worth individuals on the creation, administration and restructuring of all types of trusts and foundations, Chris provides advice on international pension matters and the application of UK taxation to offshore individuals, corporates and trust structures. 

Prior to joining Ogier in May 2017, Chris worked in the private wealth department of a top 20 City firm, gained offshore experience and originally trained with a leading UK regional firm, qualifying in September 2012 into their international trusts and tax department. Chris studied history at Warwick University before completing the Graduate Diploma in Law and the Legal Practitioners Course at BPP Law School in London. During the course of his career, Chris has also completed the STEP foundation certificate and the Association of Tax Technicians exams.

Chris can be reached by email at chris.hards@ogiers.com.

Access more of our insights

Out now: Q3's Trust Matters magazine

1 Nov

   |   <20 mins

Read the latest Trust Matters. Published every quarter, it provides articles and insights, as well as company updates, for Nedgroup Trust's clients.

Out now: Q2's Trust Matters magazine

28 Jul

   |   <20 mins

Read the latest Trust Matters. Published every quarter, it provides articles and insights, as well as company updates, for Nedgroup Trust's clients.

Money management

Webinar: are trusts still worth setting up?

22 Jul

   |   47 mins

Mary Humphreys and Marcus Prevel of Nedgroup Trust discussed the use of trusts by families in today's world, and how wealth structures can help the transfer of assets across generations.

Money management

Webinar: what's happening with UK property?

20 May

   |   44 mins

Mary Humphreys of Nedgroup Trust was joined by Anna Douglass of Ferbrache & Farrell LLP as they discussed the future of English residential property as an investment opportunity.

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