HNW Litigation & Advisory Magazine - A Year In Review

ISSUE 21 - DEC 2025

MAGAZINE A Year in Review 2025: A Year of Transformation in Wealth Wealth • Governance • Impact

Litigation & Advisory

Thought Leadership for and by the High Net Worth Community

ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

INTRODUCTION

CONTENTS

This year, wealth isn’t just about preservation, it’s about purpose, impact, and global opportunity. From pioneering philanthropy and the rise of independent trustees to emerging high-net-worth markets and shifting family dynamics, 2025 has redefined what it means to manage and grow legacy.

The Philanthropic Year In Review: 5 From Non-Doms To New Donors ........................

As we look toward the end of the year, we reflect on the insights and trends shaping the private client and wealth management landscape: the evolution of charitable giving and its focus on sustainability; new expectations driving innovation in wealth management; the increasingly critical role of independent trustees in governance and compliance; and the rise in contentious trust and estate matters that underscores the importance of proactive planning. We also consider recent Guernsey court guidance on non-beneficiary access to trust documents, alongside fresh thinking on family business valuation amid ongoing market volatility.

Evolving Wealth: Highvern’s Private Capital Roundtable On The Changing 11 Needs Of Global Families ...........................................

In these pages, you’ll find the strategies, perspectives, and stories defining the next chapter of high-net-worth management. Wishing you a successful year ahead and an inspiring read. Happy Holidays.

The ThoughtLeaders 4 High Net Worth Team

60 Seconds With...Rupert Burchett, 9 Partner - Payne Hicks Beach ..................................

60 Seconds With...Richard Joynt, 15 Director – Highvern ..........................................................

Evolving Expectations, A Year In Review: How Family Offices And Fiduciaries Are Adapting To The Next Generation 17 Of Wealth .....................................................................................

Guernsey Court of Appeal Provides Guidance On rights Of Non-Beneficiaries 20 To Seek Trust Documents ..............................................

Paul Barford Founder / Managing Director 020 3398 8510

Chris Leese Founder / Chief Commercial Officer 020 3398 8554

email Paul

email Chris

Danushka De Alwis Founder / Chief Operating Officer 020 3580 5891

James Baldwin-Webb Director, Private Client Partnerships 07739 311749

email Danushka

email James

Maddi Briggs

The Role of Independent Trustees 29 for UK Trusts ...........................................................................

Strategic Partnership Senior Manager 020 3398 8545

Rachael Dinneen Strategic Partnership Manager - Private Client 020 3398 8560

60 Seconds With...Henry Hickman 31 Partner Sinclair Gibson ................................................

email Maddi

email Rachael

Dan Sullivan

Jamie Biggam Strategic Partnership Executive 020 3398 8592

Business Development & Partnership Manager

020 3059 9524 email Dan

email Jamie

Contentious Trusts & Estates Key Trends From 2025 And 23 Predictions For 2026 .......................................................

60 Seconds With...Andrea Vicari, 26 Founder - Vicari Avvocati ...........................................

Contention in Valuation of Business Assets .....................................................

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Fireside Chat: What Professionals and Families Need to Understand About the Psychology of Wealth – 37 And How to Act on it ........................................................

CONTRIBUTORS Joe Crome, CAF Rupert Burchett, Payne Hicks Beach Richard Joynt, Highvern Beth Le Cheminant, CSC Global Christopher Edwards, Mourant Ozannes Benjamin Manchak, Mourant Ozannes

Iona Mitchell, Mourant Ozannes Andrea Vicari, Vicari Avvocati Joanna Poole, Farrer & Co Melody Munro, Farrer & Co Dominic Lawton-Smith, Saffery Trust Henry Hickman, Sinclair Gibson

Sarah Lee, Pennington Manches Cooper Fred Brown, Grant Thornton Faye Hall, FRP Advisory Dr Chantal Basson, HSA Peter Goddard, IMG Trust

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For event and partnership enquiries please contact Seth on +44 (0) 20 3433 2282 or email seth@thoughtleaders4.com For event and partnership enquiries please contact Rachael on +44 (0) 20 3398 8560 or email rachael@thoughtleaders4.com

Upcoming Events Trusts in Divorce: The 3rd Annual Practitioner’s Forum 10 February 2026 | Central London, UK HNW Divorce Circle 5 - 6 March 2026 | Royal Berkshire Hotel, Ascot, UK Private Client Circle of Trust Europe 11 - 13 March 2026 | Le Mirador Resort & Spa, Vevey, Switzerland The 4th Annual HNW Divorce Next Gen Summit 12 March 2026 | Central London, UK Contentious Trusts Circle Europe 22 - 24 April 2026 | Le Mirador Resort & Spa, Vevey, Switzerland Private Client Middle East Circle 29 April - 1 May 2026 | The Ritz-Carlton Ras Al Khaimah, UAE

The HNW Tax and RIG Regime Forum 19 May 2026 | Central London, UK Transatlantic Tax & Estate Planning Circle 4 - 5 June 2026 | UK Private Client Advisory and Litigation Forum: Paris 10 - 12 June 2026 | Waldorf Astoria, Versailles, Paris, France The International HNW Divorce & Children Summit July 2026 | Portugal Private Client Summer School August 2026 | Cambridge, UK Transatlantic Tax & Estate Planning September 2026 | Central London, UK HNWs in Disputes: Retreat 23 - 25 September 2026 | Hilton London Syon Park Hotel & Spa

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

2025 THE PHILANTHROPIC YEAR IN REVIEW: FROM NON-DOMS TO NEW DONORS Authored by: Joe Crome (Head of Business Development) - Charities Aid Foundation A year ago, the Private Client world was thrown into commotion as we began examining the details of the abolition of the non-domiciled tax regime, announced during last year’s October 2024 budget by Chancellor Rachel Reeves. Although at first glance the philanthropic industry is perhaps not as materially impacted by these changes as others, there was cause for concern; what if a mass exodus of ultra-high-net-worth ‘nondoms’ took place within the year, how would this affect private donations for charities here in the UK? The positive news is that early indications show that total giving is not decreasing.

CAF’s UK Giving Report showed that giving by the public in 2024 rose to £15.4 billion (up more than £1bn on prior year), and our High Value Giving report in 2025 showed that HNW and UHNW donors gave £8bn.

Further, the Sunday Times Giving List 2025 showed that the top 100 wealthiest UKbased donors gave £3.7bn to charity, up from £3.2bn in the prior year. More anecdotally, we have not seen an overall drop in the value of charitable donations at CAF, though it is true to say that we have observed wealthy individuals, previously nondomiciled, depart the UK for other jurisdictions.

Beyond the UK, other geopolitical events have meant that jurisdiction ‘shopping’ and moving assets to other countries has become another theme for the year. On the philanthropic side, speculation in the US earlier in 2025 regarding possible legislative changes led to some US nonprofits considering moving some of their charitable activities elsewhere, with the UK, Switzerland and others in Europe being popular choices.

This development has been somewhat unexpected, but the result is significant in both volume and value, and has confirmed

the UK’s position as a strong jurisdiction and base for philanthropic endeavours.

Furthermore, the migration of Americans to the UK appears to have significant benefits to our charitable ecosystem. Home Office data earlier this year revealed that applications for British Citizenship from Americans were up 40% year on year with 6,100 being received, an all-time record, and anecdotally we and our US/UK private client peers are seeing huge numbers of new client enquiries.

The positive news for UK charities is that many American HNW individuals give very generously to good causes, as evidenced by a recent landmark £150m donation to the National Gallery by Michael Moritz and his wife Harriet Hayman, who reside in the US. This follows a £185m gift to Oxford University from the US Chief Executive of Blackstone, and a £50m donation to the Tate Gallery from Darl and Jorge Perez, which was made up of paintings and a contribution towards the Tate endowment fund.

American influence on UK philanthropy may indeed be a very good thing for charities and beneficiaries across the country. Donor Advised Funds (DAFs), an American model of charitable giving historically, have flourished in the UK and are maturing at a rapid rate. DAFs provide a ‘one-stop shop’ charitable giving account for donors, often used as a lower cost and more accessible alternative to creating a charitable foundation, and in 2023, £852m was contributed into these vehicles. In the same year, contributions to US DAFs totalled $59bn, further showing that there is lots we can learn and adopt from the US philanthropic industry. For example, giving of non-cash assets such as appreciated shares is often very tax efficient for HNW donors, and more recently, we’ve seen increased partnership between DAFs and Private Client advisors to ensure that the most

efficient asset types are donated, along with the most effective timing, to guarantee the best outcome for clients and their charitable causes.

One area to watch for 2026/27 is the growing number of individuals pledging their unused pension funds to charitable causes after death.

This arises from the Autumn 2024 Budget, and subsequent consultation and draft legislation, which confirmed that from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for inheritance tax purposes, whereas currently this is not the case.

As a result, a growing number of individuals have decided to keep their unused pensions out of their taxable estate by instead nominating a charitable beneficiary, but there are details to be worked through... and this is one to watch given the significant amounts we are seeing being committed.

Looking ahead to 2026 more generally, we remain positive about continued growth in philanthropic giving, despite a relatively challenging economic climate and an unpredictable geopolitical situation. High net worth individuals remain generous, making up for approximately a third of annual charitable contributions in the UK, and as advisors we have an influential role to play by talking about philanthropy and smoothing the path by proposing the most appropriate structures and types of gifts.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

60 SECONDS WITH...

RUPERT BURCHETT PARTNER

PAYNE HICKS BEACH

hat is one work related goal you W would like to achieve in the next five years?

I ’d like to ensure our Landed Estates and Property teams at Payne Hicks Beach are equipped with the best AI tools that they can have to help improve the service we can give to our clients. hat cause are you passionate W about? ountry sports and rural affairs. The C countryside matters and the way of life of our rural communities is currently under attack from people who simply do not understand how the countryside works. Even worse, they make no time to try. Outside work, I spend nearly all of my time enjoying the countryside and promoting and defending the rights of those who live and work there. hat does the perfect weekend W look like? t this time of year, a day out in the A countryside with my dogs, either following my local hounds, picking up on my local shoot or walking on the Salisbury Plain training area.

Followed, of course, by a large Sunday lunch and an afternoon in front of the fire! hat has been the best piece of W advice you have been given in your career? otwithstanding what people say, N the only person who genuinely cares about your career is you. Make the time to do what you need to do to be successful.

What is the best film of all time?

Few Good Men. As a former A military lawyer, “you can’t handle the truth” has played a prominent part in my career! hat do you see as the most W rewarding thing about your job? ervice. There are two aspects to S this. First, I have the privilege to lead the Landed Estates team and the Property Department at Payne Hicks Beach which is a responsibility that I do not take lightly. I work with an extremely talented group of people and count myself very fortunate that I am in a position to serve them, to help them to achieve their goals and, ultimately, to mould them into a cohesive team which sets us all up for success. Secondly, I still serve as an Officer in the Army Legal Services (Reserve) and so for almost a month a year I put on my uniform, return to my military roots and provide legal advice to the chain of command. I regard this as a huge honour.

hat book do you think everyone W should read, and why? ll Creatures Great and Small, by A James Herriot. James (a pseudonym) was a vet in the Yorkshire Dales before, during and after the second world war. His books (and this is an omnibus collecting his first few) are an autobiography of sorts, chronicling (often hilariously) his exploits as a new vet, then a partner in his practice and a trainee pilot in the RAF during the war, mostly set in the beautifully described landscape of the Yorkshire Dales. This book combines my two passions – the countryside and the military – and I find re-reading it both enjoyable and calming. hat’s your go to relaxing W activities to destress after a long day at work? “ Phys” – military slang for going to the gym, or doing some form of vigorous exercise. I think I’m addicted to the endorphin rush afterwards!

ow do you deal with stress in H your work life?

I go outside, take the dogs for a long walk and chat to them as we go. It helps to get things off my chest! hat is one important skill that W you think everyone should have? good telephone manner. It’s all very A well being able to knock off an email, but speaking to someone on the telephone is much more likely to help you to achieve your ends in the minimum time possible. It also reduces the chance of misunderstanding, and the chance of offence taken at an inadvertently poorly worded email!

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

EVOLVING WEALTH: HIGHVERN’S PRIVATE CAPITAL ROUNDTABLE ON THE CHANGING NEEDS OF GLOBAL FAMILIES Authored by: Richard Joynt (Director) - Highvern Global family wealth is more complex than ever. With $24 trillion invested in private markets (Source: EY Private Business Insight 2024) and rising international mobility, families are no longer simply wealth holders—they are operating like small institutions.

Regulatory shifts, cross-border taxation, next-generation involvement, and emerging asset classes (like digital assets and AI-driven investments) are driving a need for more sophisticated, adaptable structures.

Highvern hosted a roundtable with twelve leading UK-based tax and estate planning advisers to explore these challenges. The discussion coincided with the firm’s transition from Private Wealth to Private Capital and its June 2025 combination with Permian, a leading Nordics Fund Administrator, creating a platform with international scale, with long-term family capital investment, and the ability to support families with highly tailored solutions.

“Private Capital at Highvern goes beyond structural solutions,” said Naomi Rive, Group Head of Private Capital at Highvern, “It’s about stewardship, legacy, and multigenerational ambition - anchored in accountability and innovation.”

This roundtable highlighted how families, advisers, and private capital providers must evolve in tandem to meet new demands.

Cross-Border Succession: Navigating Complexity The first discussion explored the growing intricacy of cross-border succession planning. Families today often span multiple jurisdictions, each with its own tax, legal, and cultural frameworks.

Beatrice Puoti, Partner, Stephenson Harwood highlighted the enduring appeal of Jersey and Guernsey as international structuring hubs, citing their regulatory clarity and global reputation. Catrin Harrison, Partner, Charles Russell Speechlys raised questions around life insurance within trusts, noting a shift toward investmentlinked structures that may not always align with client intent.

Sarah Farrow, Partner, Private Client Services EY observed that governance within Family Investment Companies (FICs) can become strained when shareholdings involve spouses or exspouses, while Maya Buckland, Partner, Withersworldwide explained how the US-UK Estate and Gift Tax Treaty continue to shape inheritance planning for transatlantic families.

Laurence Morgan, Partner, Boodle Hatfield added that notwithstanding the recent tax changes in the UK, trusts still have a significant role in tax and estate planning for UKconnected clients and that there has

also been some speculation around the transitional tax reliefs for existing trusts. Chris McLemore – Partner, McLemore Konschnik highlighted the opportunities presented by protected trust partnerships in the US, noting that while niche, they can offer highly effective estate planning tools for USdomiciled individuals.

Phineas Hirsch – Partner, Payne Hicks Beach reminded advisers that “severing domicile properly” is critical to avoid unintended tax exposure post-relocation - using California as an example of complex state-level rules.

Naomi shared a case involving a Middle Eastern client whose religious requirements shaped jurisdictional decisions and ultimately inspired significant philanthropic giving.

“Education around permissible structures,” she said, “can lead to more values-driven outcomes.”

Takeaway: Early engagement, valuesdriven conversations, and jurisdictional awareness are critical to crafting succession plans that are resilient and aligned with family goals.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

Balancing Financial Ambition, Tax, and Residency Moderated by Katie Douglas, Client Director Private Capital at Highvern the second topic examined how global families balance their financial ambitions with residency choices and tax liabilities.

Katie observed that family offices have transformed dramatically in recent years, with cross-border asset ownership and global investment strategies now the norm. “Families are thinking like institutions,” she noted, “but they still need personalised, humanlevel structuring.”

Phineas pointed to the rise of multifamily office frameworks, where trustee collaboration and governance quality define long-term success. Joseph Brothers Partner, Withersworldwide added that while sophisticated European family offices now pursue non-US investments, smaller offices are still developing awareness of taxefficient structures.

Maya addressed the tax implications of GP-to-LP transfers, stressing the need for real-time oversight of partnership activity. Catrin urged families to “plan for flexibility”—anticipating future relocation, generational change, and evolving child involvement.

Discussion also turned to Protected Cell Companies (PCCs). Katie noted their increasing traction in Jersey, while Ed Powles Partner, Maurice Turnor Gardner provided a UK perspective: they are internationally viable but can be complex under certain UK antiavoidance rules. Beatrice encouraged innovation but warned that “execution matters more than novelty—poorly implemented PCCs risk becoming the next fad.”

Family Governance and Avoiding Conflict The third session, led by Richard Joynt, Head of Family Office at Highvern focused on the rise of family governance as families become more institutional in structure but more personal in complexity.

Richard highlighted that many family offices lack in-house tax or legal expertise, creating governance blind spots. “Frameworks often reflect the founder’s generation,” he noted, “but younger members may prioritise autonomy over collective decisionmaking.”

Catrin cautioned that not all entities labelled as “family offices” meet the structural or fiduciary standards of one, while Monika Byrska, Partner, Howard Kennedy advocated for formal governance processes to prevent misunderstandings from escalating into disputes.

Beatrice shared an example of a hastily formed trust that lacked transparency, leading to long-term planning issues.

“Bringing the next generation into the conversation early,” she said, “is essential for sustainability.”

Takeaway: Proactive governance and open dialogue are essential to ensure that structures endure, family values are respected, and wealth serves its intended purpose across generations.

As the discussion drew to a close, Ed quoted the French proverb, “pour vivre heureux, vivons caches” if you want to live well, live discreetly - underscoring the enduring importance of privacy in family affairs.

Families, fiduciaries and advisors must evolve together, combining technical expertise with emotional intelligence to safeguard legacies. Highvern’s transition from Private Wealth to Private Capital reflects this shift: providing families with both the scale of an institutional platform and the discretion, flexibility, and stewardship necessary to meet the complex demands of the modern world. “Our clients have evolved - and so must we,” Naomi concluded.

Bryony Cove, Partner, Farrer & Co reinforced this point, noting that even highly educated families are vulnerable to emotional strain following a loss or divorce. “Communication,” she said, “is the most underestimated element of wealth preservation.”

Charlotte Howard, Senior Counsel, Macfarlanes reflected on a multigenerational family business that assumed unity would endure naturally - only to find generational transitions tested that belief. “Harmony,” she observed, “requires design, not assumption.”

Takeaway: Successful structuring balances ambition with governance, flexibility, and jurisdictional compliance, while always keeping family values and future growth in mind.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

60 SECONDS WITH...

RICHARD JOYNT DIRECTOR

HIGHVERN

What was your biggest professional highlight of 2025? resenting at a conference P where I got to examine family office best practice through the lessons learned from European history! hich development in W private client advisory, litigation, or tax this year stood out to you the most? he emergence of new popular T destinations for clients to relocate to – particularly places like UAE, Italy, Switzerland and even Saudi Arabia. This trend reflects a broader shift in how high-net-worth individuals and families are reassessing their priorities, seeking jurisdictions that offer not only favourable tax regimes but also lifestyle benefits, political stability, and robust legal frameworks. hat was the most W challenging issue you faced in 2025, and how did you tackle it? ealing with a client in litigation I D wherein I tried to navigate by being impartial, calm and taking lots of advice. These situations are inherently sensitive and complex, requiring a careful balance of professionalism, empathy, and strategic thinking.

ooking back, which case, L deal, or project gave you the greatest sense of achievement? ravelling to Paris at short notice T to meet a prospective client and ultimately securing the mandate.

It was a case of dropping everything and showing up where the client needed us most. That decision to act quickly and personally made all the difference. hat trend in private client W advisory or tax are you glad to see emerge this year?

I would say the collaboration and cross-working between professionals across disciplines.

Whether it’s lawyers, tax advisors, trustees, or investment managers, there’s a growing recognition that complex client needs are best served through a joined-up, multidisciplinary approach.

hat are you most looking W forward to professionally in 2026? eeing how we can use the S expertise from our new investor group Jacobs Capital to take our business to new levels ny personal or professional A resolutions for 2026? esolving to win at least 1 R large new client in Q1, to read at least 1 new non-fiction book (from front to back!) and to do chest presses using 30kg weights without doing my back in!

I f you could sum up 2025 in one word, what would it be and why? un! I am always up for F meeting new people and learning new things, and working with wealthy families provides lots of that!

ow has your approach to H advising clients evolved over 2025? rying to put myself “in their T shoes” more often hich lesson from 2025 do W you think will be most valuable going into 2026? lways keep a level head A – come to work well rested and alert, and deal with the unexpected with an optimistic attitude.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

EVOLVING EXPECTATIONS, A YEAR IN REVIEW: HOW FAMILY OFFICES AND FIDUCIARIES ARE ADAPTING TO THE NEXT GENERATION OF WEALTH

Authored by: Beth Le Cheminant (Director, Private Clients) - CSC Global 2025 has been a year of evolving client expectations for the private client industry. Around the world, wealth owners and their families are reassessing what it means to preserve and pass on wealth in a world defined by transparency, mobility, and purpose.

This article explores how expectations of clients are evolving and how our industry is moving with the changes.

The so-called “Great Wealth Transfer” (estimated at $85 trillion globally over the next twenty five years) is well underway. But it is not only capital that is changing hands; it is control, culture, and values. The result is a growing divergence between traditional wealth structures and the modern mindset of the next generation. For trustees and advisers, 2025 has been the year where the conversation has shifted from protection to participation.

The Rise and Maturity of the Family Office Few developments illustrate this shift better than the continued rise of the family office. Over the past year, family offices have become not just more common but more sophisticated, professional, and diverse in purpose with family offices currently holding $3.1trillion in AUM globally with this figure expected to rise 73% to $5.4trillion by 2030.

What began decades ago as vehicles for investment coordination or cost efficiency

has evolved into something more nuanced, as a center of family governance. Today’s family offices are as focused on education, philanthropy, and legacy as they are on wealth management. Many have formalised decision-making structures, established family councils, and adopted clearer governance frameworks.

At the same time, families are seeking greater control and visibility over their affairs. We have seen increased use of private trust companies, hybrid structures, and cross-jurisdictional setups that combine family involvement with institutional rigour. This evolution has created new expectations of service providers, fiduciaries are now integral parts of a family’s strategic ecosystem.

Jurisdictions like Guernsey and Jersey continue to play a key role, offering wellregulated environments for family office and trust structures whilst adapting to new standards of transparency and substance. In addition, the changes to the UK’s “non-dom” rules announced in the Autumn Budget 2024 took effect from 6 April 2025. These reforms replaced the long-standing domicilebased and remittance-basis regime with a new residence-based system, introducing the four-year Foreign Income & Gains (FIG) regime for those not UK tax resident in the previous ten years. The move has had a significant impact on Channel Island and other Crown Dependency structures, prompting many families to review their arrangements, whilst also creating opportunities in other parts of the world.

Modernising the Family Trust In parallel, many families have spent this past year reviewing long established legacy structures that may no longer reflect their objectives, family composition, or modern governance principles.

The shift towards flexibility and purpose is notable. Trusts once designed solely to protect assets from external threats are now being reframed to empower the next generation and support philanthropic or sustainability goals with the view to make structures more adaptable.

It is no longer enough for structures to be technically sound. They must also be aligned with a family’s ethos, and capable of evolving as values shift over time.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

Next-Gen Wealth and the Changing Fiduciary Relationship One key driver of change this year has been the emergence of the next generation of wealth owners. Millennials and Gen Z inheritors approach wealth with a different mindset; collaborative, global, and value-driven. They seek to understand not only how their wealth is managed, but why, with a continuing interest in ESG considerations they wish to be taken into account.

This has prompted a reimagining of the fiduciary role. Increasingly, trustees and advisers are acting as educators and facilitators, helping families navigate both financial literacy and governance discussions. It is not uncommon to see structures being adapted to integrate intergenerational decision-making.

Families are also placing greater emphasis on education and empowerment, often involving younger members in committees or investment reviews before full control passes to them. This cultural inclusion is changing the tone of the client–adviser relationship, from hierarchical to partnership-based.

Technology and global mobility have added new layers of complexity.

Families today are spread across multiple jurisdictions, with assets ranging from traditional holdings to digital and alternative investments. The need for agile, well-informed advice has never been greater, and it is pushing fiduciaries to continue to collaborate closely across disciplines legal, tax, governance, and technology.

From Administration to Advisory Partnership An important theme to keep in mind is the definition of trust, not just the legal kind, but the interpersonal one. As regulation and transparency intensify, clients have grown more discerning about who they work with and how value is delivered.

Fiduciary firms that thrive are those that combine technical precision with empathy, balancing regulatory expectations with an understanding of human dynamics. The most successful advisers are moving beyond transactional relationships to long-term partnerships built on dialogue, not directives.

This evolution is particularly evident in the family office space, where advisers are now expected to sit alongside investment professionals, tax counsel, and family members to shape collective strategies. The fiduciary’s traditional mandate; preserve, protect, enhance should expand to include educate, communicate, and adapt.

Looking Ahead As the year draws to a close, it is clear that the private client landscape is being reshaped from within. The convergence of intergenerational wealth transfer, rising family office sophistication, and renewed focus on transparency is transforming how advisers operate, and what clients expect.

The industry’s challenge for 2026 and beyond will be to maintain the balance between control and empowerment: giving families confidence that their wealth is secure whilst ensuring that governance structures remain relevant, flexible, and inclusive.

For jurisdictions like Guernsey and Jersey and for the fiduciaries who operate within them, this is a moment of opportunity. By embracing transparency, technology, and purpose, advisers can redefine what stewardship looks like in the modern era.

Ultimately, 2025 has reminded us that wealth planning is not static. It evolves with the people, priorities, and principles behind it. The fiduciary’s role at its best is to help families navigate that evolution with clarity, compassion, and confidence.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

GUERNSEY COURT OF APPEAL PROVIDES GUIDANCE ON RIGHTS OF NONBENEFICIARIES TO SEEK TRUST DOCUMENTS Authored by: Christopher Edwards (Partner), Benjamin Manchak (Counsel) & Iona Mitchell (Knowledge Counsel) - Mourant Ozannes

Overview The Guernsey Court of Appeal has delivered an important decision on the rights of individuals who are not beneficiaries of a trust - but who are objects of a power to add beneficiaries - to obtain disclosure of trust documents and information. The judgment in BX v T Limited & Ors [2024] GRC 036 provides helpful clarification of the scope of the Court’s jurisdiction to order disclosure of trust documents and information, and the principles underpinning applications for disclosure by non-beneficiaries.

The case will be of interest outside of Guernsey because the Court considered and applied principles that are common among England & Wales and other offshore jurisdictions, following the Judicial Committee of the Privy Council’s decision in the case of Schmidt v Rosewood Trust Ltd [2003] 2 AC 709 (Schmidt), which was an appeal from the Courts of the Isle of Man.

Background The appellant, BX, was the son of the settlor, X, from an earlier marriage. The trust in question, the W Trust, was a Guernsey law irrevocable discretionary trust established in 2005. The only named beneficiaries were AX and JX, two of X’s seven children.

BX was not a beneficiary but was an object of a power to add beneficiaries under the trust deed. Following disputes

among different family branches, BX sought disclosure of trust documents, arguing that he had a sufficient interest to request information under section 69 of the Trusts (Guernsey) Law, 2007 (the Trusts Law) and/or the Royal Court’s inherent jurisdiction. He relied upon a contention that his father had intended for him to be added to the beneficial class of the W Trust.

At first instance, Lieutenant Bailiff Hazel Marshall KC dismissed BX’s application, and BX appealed to the Court of Appeal.

Applications for disclosure In its judgment, the Court of Appeal gave important guidance about these types of applications (often referred to as trusteeapplications). The Court emphasised that section 26 of the Trusts Law, which regulates disclosure of trusts documents and information to specific individuals or classes of individuals, does not apply to trustee disclosure applications brought by third

parties, notwithstanding they may be objects of a power of addition.

In the absence of a statutory test for when a non-beneficiary might be treated similarly to a beneficiary for the purposes of disclosure, the Court confirmed that a non-beneficiary’s application must be considered under the Court’s inherent jurisdiction, applying equitable principles and guided by previous authorities, notably the decision of the Privy Council in Schmidt.

The Court reiterated that while the object of a power of addition may, in exceptional circumstances, be entitled to the Court’s protection, disclosure will only be ordered where it facilitates the proper administration of the trust.

The requirement for “exceptional circumstances” meant that something out of the ordinary was required before the Court would grant relief to an object of a power of addition. To succeed, an applicant must demonstrate a strong or very strong expectation — objectively assessed — of being added to the beneficial class.

Relevant factors include the scope of the power of addition, the applicant’s relationship with the settlor, the existence of any provision made for them, and the extent to which others are able to hold the trustee to account.

The strength of the expectation of the object of the power of addition may also change over time. For example, if there

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW were existing beneficiaries of the trust (other than, say, a charity with which the settlor had no particular connection), the expectation of another person to be added to the class of beneficiaries might reasonably increase if those existing beneficiaries later died unexpectedly.

Decision The Court of Appeal held that the Lieutenant Bailiff had correctly applied the law and agreed that BX did not meet the threshold for a disclosure order in the present case. There was no letter of wishes or other compelling evidence that the settlor intended BX to become a beneficiary of the W Trust, and BX’s expectation of being added was weak. Disclosure would not advance the proper administration of the trust and, given the existing hostility between family members, might instead harm the beneficiaries’ interests.

Accordingly, the appeal was dismissed.

Key Takeaway Points • Objects of a power of addition do not have a statutory right to disclosure under the Trusts (Guernsey) Law, 2007.

• The Court’s inherent jurisdiction may, in rare cases, allow such applicants to seek confidential trust information, but only where there is a strong objective expectation of addition to the beneficial class and disclosure would facilitate proper trust administration.

• Trustees (and indeed settlors of Guernsey trusts and their beneficiaries) may take comfort that confidentiality of trust information will generally be maintained against persons with only a theoretical or remote prospect of benefit.

This decision provides valuable clarity for trustees and their advisors in handling disclosure requests from non-beneficiaries. It confirms that the Courts will adopt a cautious approach, balancing transparency with the need to preserve the confidentiality and integrity of trust administration.

Mourant acted for the trustee in this case.

• The decision reinforces the importance of clear letters of wishes and careful management of family expectations, particularly where powers of addition exist.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

CONTENTIOUS TRUSTS & ESTATES:

KEY TRENDS FROM 2025 AND PREDICTIONS FOR 2026 Authored by: Joanne Poole (Partner) and Melody Munro (Senior Associate) - Farrer & Co

1. Interpretation, surrogacy, and complex and blended families Surrogacy is increasingly shaping family structures, but legal frameworks are still catching up.

The surrogate and the intended parents are often resident in different jurisdictions due to complications with surrogacy in the intended parents’ home jurisdiction – e.g. surrogacy might be illegal in the home jurisdiction, or the intended parents may have no rights in relation to the baby once it is born. Factors pushing parents abroad for surrogacy lead to complex international private law issues that need to be considered when surrogacy is used, for example the domicile of the baby may be different from the intended parents and courts may find themselves having to consider multiple competing legal systems.

This will also have a bearing on how trusts and wills should be interpreted as children born via surrogacy may be unintentionally excluded from trust definitions like “issue” or “descendants,” especially where outdated language is used.

There have been several cases this year where the court has had to consider commonplace terms, such as “child”, “stepchild” or “wife” in the modern context.

For example, in Marcus v Marcus the court

had to consider if a non-biological child, raised as the settlor’s own, qualified as a “child” under the trust. The decision to interpret the deed as including the nonbiological child focused on the settlor’s intention and view that his non-biological son was, indeed, his son.

As these issues increasingly come before the courts, further guidance on interpreting the meaning of the terms will develop. There may well be increasing divergence between jurisdictions as to how those terms apply causing further issues when conflict of laws questions arise.

2. Trustee and Executor Removals Disputes between fiduciaries and beneficiaries remain a frequent source of litigation. These disputes are often fuelled by intergenerational conflicts. As the baton passes from one generation to another, the new generation want to bring in their own advisors and fiduciaries. Frequently the existing fiduciaries are seen as “stooges” of the generation that went before. While many of these cases are resolved through an orderly, voluntary replacement, others require court intervention – typically when the new generation wants more rapid change than is being offered and hostilities escalate.

In cases this year, the court has reaffirmed that misconduct is not necessary for removal but hostility between beneficiaries

and fiduciaries alone is not enough to justify removal. The key question is whether the trust or estate is being properly administered

However, outcomes in litigation remain highly fact specific. Two judgments from this year illustrate this point. In both the case of Earl of Yarmouth v Ragley Trust Company Ltd & Ors and Fernandez v Fernandez there were issues of hostility between beneficiaries and fiduciaries. However, the court reached different conclusions – refusing to remove the trustees in the Earl of Yarmouth claim but removing the executor and trustee in Fernandez.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW We expect removal disputes to remain prevalent, particularly where relationships deteriorate and parties become entrenched.

3. Care of Elderly Relatives With rising life expectancy and care costs, more families are caring for elderly relatives at home. This has led to a surge in posthumous disputes, especially where informal care arrangements were made without documentation.

Traditionally, such claims have often relied on proprietary estoppel. However, the case of Rogers v Wills introduced a novel approach. The claimant, a daughter who had cared for her mother for several years, successfully argued (unusually for a domestic context) that a contract existed between her and her mother for reasonable remuneration for the care provided. Alternatively, the court held that she could have succeeded on the basis of unjust enrichment, her services had been accepted without compensation.

This case signals a potential expansion of legal remedies available to family caregivers and underscores the importance of understanding the terms of care arrangements. Practitioners should advise clients to document care arrangements clearly, and executors must be alert to potential liabilities arising from unpaid care.

4. Digital Assets and cryptocurrency The legal treatment of digital assets continues to evolve following the judgment in late 2024 in D’Aloia v Persons Unknown & Ors in which the Court confirmed that cryptocurrencies (and other digital assets) can constitute property under English law. This aligns with the Law Commission’s recommendation to treat digital assets as a third category of personal property.

or authorise holding such high-risk investments.

As digital assets become more prevalent, we expect issues arising concerning their valuation, recovery and place in a portfolio of trust assets. Their potential use in money laundering also introduces regulatory complexities for practitioners and fiduciaries.

5. Alternative Dispute Resolution (ADR) and Court-Ordered Mediation Under CPR r 3.1(2)(o), courts can compel parties to engage in ADR and courts are increasingly encouraging or mandating ADR in disputes. ADR has now also been mandated in a dispute involving probate, rectification, and negligence in the case of Ivey v Lythgoe.

Mediation is particularly effective in emotionally charged family disputes and complex fiduciary matters where a flexible outcome is needed beyond the realms of the relief a court can provide. There is also a growing trend toward earlier mediation - often before proceedings are issued - as clients seek to minimise both costs and emotional strain.

This reflects a broader shift toward efficiency and cost reduction. Mediation also offers parties a way to achieve certainty sooner than drawnout proceedings. In an uncertain economic and political climate, this is attractive to parties.

This recognition allows for proprietary remedies such as constructive trusts.

Given the incidences of fraud or scams surrounding cryptocurrency, these are useful remedies (provided the assets can be traced, which is often difficult).

Trustees and executors may find themselves asked to manage digital wallets, private keys, and custody arrangements and will need to consider carefully if and how to fit these modern assets into existing trusts. In some cases, court applications may be needed to vary trust documents

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

60 SECONDS WITH...

ANDREA VICARI FOUNDER

VICARI AVVOCATI

What was your biggest professional highlight of 2025? ublishing my new book, The P Protector and the Disregarded Trust, with Lefebvre Giuffrè. It provides a systematic reinterpretation of trust law, bridging civil law, Jersey and San Marino trust law, and tax rules—a project I’ve been passionate about for years. hich development in W private client advisory, litigation, or tax stood out the most this year?

I n Italy, two events shaped our work: the abolition of the non-domicile regime and the expansion of the new tax regime. These changes are attracting high-net-worth clients from the UK to Italy, gradually making Italy a hub for private clients, where previously Switzerland or the UK dominated. This shift has also transformed our trust litigation practice, with a significant increase in disputes between beneficiaries and trustees.

What was the most challenging issue you faced, and how did you tackle it? he most challenging issue T was adapting our practice to the surge of international clients, which required us to raise awareness among clients and stakeholders about the

importance of going beyond purely tax considerations. Our long-standing “one stop shop” approach for Private Clients — quite a unicum in Italy, where private matters are traditionally handled by tax advisors with limited focus on civil law — proved distinguishing in this process.

Which project gave you the greatest sense of achievement? pening our Florence office O and strengthening international relationships. Italy is becoming increasingly attractive to foreign clients, and being a leader in this evolving market has been very rewarding.

What trend in private client advisory or tax are you glad to see emerge? he rise in tax-driven wealth T structuring for clients relocating to Italy. But it’s clear that focusing solely on tax can create unexpected legal challenges under Italian law, which is why our litigation expertise has become crucial.

Which lesson from 2025 will be most valuable going into 2026?

In times of global uncertainty, adaptability becomes a vital form of planning. As international tensions, market volatility, and recession risks grow, asset protection planning reflects not only prudence but also resilience in facing complexity and unpredictability.

What are you most looking forward to professionally in 2026?

Expanding the firm, hiring new lawyers, and growing our Florence office.

Any resolutions for 2026?

To enjoy my free time more.

If you could sum up 2025 in one word, what would it be?

Intense - between new challenges, evolving our practice, and internationalising our work, it’s been a year of rapid growth.

How has your approach to advising clients evolved? e’ve become more W international and holistic, integrating private client, tax, and litigation expertise, especially important for clients moving to Italy.

26

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Andrea Vicari Founder andrea.vicari@vicariavvocati.com Renato Bortone Private Client Lawyer & Banking Specialist r.bortone@vicariavvocati.com Michele Jeni Civil Lawyer - TEP m.jeni@vicariavvocati.com https://www.vicariavvocati.com/en

As an independent, owner-managed fiduciary group Fairway is committed to delivering client-centric solutions that endure. Headquartered in Jersey, with offices in Dubai and Kuwait, we offer seamless, director-led services across Private Client, Corporate, Funds, and Pensions. Our award-winning team combines innovative solutions with administrative and technical excellence, ensuring each client's unique needs are met with precision and care.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

THE ROLE OF INDEPENDENT TRUSTEES FOR UK TRUSTS

Authored by: Dominic Lawton-Smith (Managing Director) - Saffery Trust 2025 has been a transformative year for the UK’s private wealth landscape.

High-net-worth families and individuals, their advisors, and service providers alike are having to navigate shifting terrain as a result of substantial changes to the law as well as rapid technological evolution.

One emerging trend, as a result of the changes to UK rules, is the increased relevance and importance of independent, sole trustees; such trustees have traditionally been the preferred solution outside the UK (for ‘offshore’ trusts) although this approach is increasingly perceived as an attractive option for relatively large and/ or complex UK trusts as well.

As clients and advisors reassess legacy planning and asset protection strategies, an increasing number are exploring whether appointing a sole trustee could offer the right balance of conflict-free governance with clear choices affecting control, flexibility and asset protection.

The shifting landscape For generations, UK families with substantial assets have often appointed professional co-trustees, such as lawyers or accountants, to sit alongside ‘lay’ trustees – usually unpaid friends or family members. This approach was rooted in the balance of ensuring technical expertise, while retaining personal influence over

family wealth and remains the most pragmatic solution for straightforward trust arrangements or executor appointments.

As a consequence, many legal or accounting firms have their own trust corporations which are increasingly being used in place of individual partner appointments as a way to limit personal exposure to the partner leading the relationship and provide better continuity/resilience in the event of changes in members of the relevant firm.

It remains the case that UK legal and accounting firms may, often, be the best solution to provide trustees for straightforward trusts, including those where they serve as executors. Where a trust is intergenerational or complex, it may be better, for reasons of best practice, avoiding conflicts of interest and commercial interests of the legal and accounting professionals to focus on the advisory function.

Increasingly complex regulatory and reporting requirements and the rise of new markets including digital assets, bring their own set of new challenges.

In this changing and more complex environment, trust administration has become more complex and time consuming, decision-making may need to be swift in some matters and global expertise should be available from the trustee where it is required.

An independent trustee, if properly structured, resourced and experienced, can often deliver these benefits most effectively.

The rising trend of sole trustee appointments is already evident.

For example, according to Hymans Robertson, 42% of professional trustee appointments to defined benefit pension schemes were sole trustees by March 2025, a 13% increase from the prior year.

It remains to be seen whether this approach will continue to be increasingly prevalent although it seems likely. One additional factor that we are monitoring is the extent to which existing offshore trusts are brought onshore into the UK by eligible parties under the government’s Temporary Repatriation Facility (‘TRF’). It is likely that the budget announcement scheduled for 26 November 2025 will influence such decisions.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

Benefits of independent trustees and why they are often sole trustees As set out above, the rising interest in the appointment of an independent trustee for UK wealth structuring is driven by the combination of practical and strategic advantages. One of the most compelling benefits is efficiency and experience of decision-making. Where an independent trustee is also a sole trustee, the single point of authority enables the trustee to act swiftly and decisively, avoiding the delays and complications that often arise when consensus is required among multiple trustees.

Sole trusteeship also enhances accountability. When one professional is clearly responsible for the trust’s administration and decisions, governance tends to be more transparent, and the risk of miscommunication or internal disputes is reduced.

Another key advantage is a sole trustee’s legal duty to act in the best interests of all current and future beneficiaries, free from the potential conflicts of interest that can arise when co-trustees also act in other professional capacities.

In certain cases, a sole trustee model may also reduce administrative overheads and professional fees, especially where streamlined operations and clear reporting lines are in place.

This can make the structure more sustainable over the long term.

Independent trustees bring a high level of technical expertise, regulatory awareness, and global experience.

These qualities are increasingly important as families hold diverse assets across jurisdictions. A trustee with deep knowledge and a broad perspective can be instrumental in managing such complexity effectively.

implications, which require careful consideration.

The value of assets being placed in trust, as well as the extent of administrative burdens, is also a key consideration. For some, the expense of a sole trustee, compared to the often nominal fee charged by a professional co-trustee, may not be justifiable.

However, the benefits of a sole trustee can, in some cases, outweigh the cost, particularly where significant or complex assets are involved.

Finally, personal dynamics also play a role. In some families, retaining a mix of professional and lay trustees remains preferable. This approach can preserve personal involvement, uphold legacy values, and maintain a sense of shared stewardship over family wealth.

Reputable sole trustees will not “upsell”. Their role is to act solely in the best interests of the trust and its beneficiaries, not to promote additional services or products. A trustworthy provider will be transparent about whether sole trusteeship is appropriate for a client’s needs, and will advise against it if the structure, complexity, or value of the trust does not warrant the cost or level of oversight. Their objectivity and singular focus should ensure that any recommendation is driven by suitability, rather than by commercial incentive.

Looking ahead, we expect to see a continued rise in the appointment of sole trustees, driven by the increasing complexity of asset portfolios (which may previously have been structured offshore), heightened regulatory demands, and the desire for more agile and accountable trust governance. As more families seek clarity, control, and confidence in their wealth planning, the sole trustee model is likely to become an increasingly prominent feature of the UK’s wealth landscape.

Conclusion As the UK’s private wealth landscape continues to evolve, sole trusteeship is emerging as a compelling option for many high-net-worth individuals, particularly those seeking streamlined governance, regulatory alignment, and objective fiduciary oversight. However, it is not a one-size-fits-all solution. Clients should assess their needs carefully, considering the nature of their assets, family dynamics, and long-term goals.

The right fit Independent sole trusteeship is not universally suitable, and clients should approach it with careful consideration.

One key concern is the concentration of power. Although bound by legal duties, a sole trustee holds significant authority, and some families may feel more comfortable establishing oversight mechanisms, such as the appointment of a protector, to ensure the trust is administered in line with the settlor and beneficiaries’ wishes. Even with a sole trustee, however, families can retain certain powers, although these usually have important tax and asset protection

30

ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

60 SECONDS WITH...

HENRY HICKMAN PARTNER

SINCLAIR GIBSON

I was thrilled to see the positive feedback from our peers and clients in the directories and my team recognised as being ‘hugely impressive’, ‘highly strategic, commercially minded, and approachable,’ a service which is ‘second to none’ and with ‘strength and depth down to the associate level’. I was also pleased on a personal level to have gone up a band ranking in Chambers HNW this year.

interest. It taught me an enormous amount about the immense level of preparation that is required by a litigation team to achieve success at trial. There are some cases you’ll never win, but if you leave no stones unturned, you give your client the best chance of success and in that case no short cuts were taken, and we won. It also gave me an early insight into the media’s obsession with inheritance disputes and how to handle the glare and deal with journalists, which has stood me in good stead in subsequent cases.

Which development in private client advisory, litigation, or tax this year stood out to you the most?

What trend in private client advisory or tax are you glad to see emerge this year?

Too early for those. Ask me on

Although the judgment in Hirachand v Hirachand was handed down at the end of 2024, its implications have been particularly evident this year. The decision clarified the court’s approach to the treatment of success fees and legal costs in 1975 Act claims. These developments continue to influence strategy in our handling of these types of claims and I expect that there will be further ‘testing’ of aspects of the legal reasoning for some time to come.

he great wealth transfer continues to T have an impact. More families are seeking protection for their wealth from an inter-generational perspective. I see action being taken to try to ‘future proof’ wealth structuring not just from a tax planning angle but from a family law outlook with pre-nuptial and post-nuptial agreements being used more frequently.

you could sum up 2025 in one If word, what would it be and why?

What was your biggest professional highlight of 2025?

What was the most challenging issue you faced in 2025, and how did you tackle it?

It’s the same challenge that we face all of the time, which is building our practice and our team sustainably and in a way that is consistent with our firm’s values.

Looking back, which case, deal, or project gave you the greatest sense of achievement?

Very early on in my career I was the primary associate in the legal team that acted for the successful defendants in Blackman v Man which was, at the time, the talk of the town in contentious probate circles. It had everything one wants in a probate claim: there were interesting legal issues of testamentary capacity and the testatrix’s want of knowledge and approval of the content of her will, it was a high value estate, there some fascinating witnesses on both sides and a huge level of media

Linked to this trend for future proofing is the increase in mental incapacity due to our ageing society. To prepare for this, early planning is required and structures must be stress tested to make sure these account for different outcomes.

hat are you most looking forward W to professionally in 2026? s someone with a couple of A protectorships and a couple of clients who are protectors of trusts, I am very interested in the outcome of the Re the X Trusts appeal which was heard by the Privy Council in November 2025.

It will provide guidance on the nature, scope, and proper exercise of Protector powers in trusts. ny personal or professional A resolutions for 2026?

31 December!

Accountability 2025 is going to be looked back on as a year where transparency, ethical compliance, and fiduciary duties were under sharper scrutiny than ever. Across trusts, estates and family disputes, regulators and courts are increasingly focused on holding individuals and advisors personally accountable and this has been reflected across virtually all of our matters throughout the year and I suspect will continue into 2026 and beyond.

ow has your approach to advising H clients evolved over 2025?

I t is trite to say it, but we are seeing a considerable rise in disputes where clients have global assets and complex cross-border structures. Increasingly we are working alongside overseas lawyers and advisers to provide integrated solutions that meet our clients’ and their families’ international needs. hich lesson from 2025 do you think W will be most valuable going into 2026? ith the change of government in 2024 W we have, more than ever, had to ensure that our clients and their families are prepared for the unexpected.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

CONTENTION IN VALUATION OF BUSINESS ASSETS

Authored by: Sarah Lee (Partner) - Pennington Manches Cooper, Fred Brown (Partner) - Grant Thornton & Faye Hall (Partner) - FRP Advisory.

For every business interest there can be numerous competing opinions on its value, with variations into the millions.

Value is by its nature subjective and undetermined until crystalised into a price paid.

Your authors, Sarah Lee, Fred Brown and Faye Hall, are all involved in business valuation disputes. As an Estate and Trust litigator, Sarah Lee works with business owners, trustees of shareholdings and beneficiaries with a stake in the business value. Fred Brown (Grant Thornton UK Advisory & Tax LLP) and Faye Hall (FRP Advisory) are both experienced testifying expert accountants.

Why value matters Agreeing on the share value is crucial for distributing wealth and passing on family assets. A valuation can unlock settlement in mediation or fuel the litigation. Business assets often form the largest part of family wealth, and without workable legal mechanisms or funds for buyouts, deadlock can stall both resolution and the business itself.

Why valuations differ There are three main valuation approaches: income, market and cost, all internationally recognised.

So why do results vary so much?

Two reasons: (a) valuers may consider different things, such as valuation dates, available data and adjustments to financials to reflect a maintainable profit; and (b) even on the same valuation basis, opinions differ.

Valuation is as much art as it is science, shaped by assumptions about future performance and external factors such as technology shifts or global events.

Family businesses may add complexity, with structures influenced by history, emotion, and tradition.

Businesses exist in the wider economic and social context, and their current and projected health can be determined in different ways. This is particularly true of early stage and volatile businesses where their projected success can be uncertain and difficult to predict.

Even established industries can shift rapidly with technology and global events. Valuation captures a point in time, but that point depends on past performance and future assumptions, areas where opinions inevitably differ.

Family businesses, like families themselves, look like they follow standard structures, but this masks the complexity of the history and relationships. The logic which sits behind the reason for any particular structure can be driven by long

established norms and patterns, hidden behind the articles of association and organisation chart, but deeply set and bound by long-held emotions, traditions and sensitivities.

Valuation approach Valuers can also differ in their application of the various methodologies available. Let’s focus on two of these.

The income approach is a discount of forecast future results. However, what forecast figures should be used and what discount rate should be applied to bring the figures back to a present value?

Forecasts often start with management projections, but are they contemporaneous and robust?

Assumptions need scrutiny and forecasting is inherently uncertain.

If a company was about to launch a new product how would you model the potential outcomes in your forecast?

Discount rates are a frequent source of disagreement between valuers. They involve multiple inputs and a vast body of valuation literature, with contested factors such as country risk premiums or size adjustments often sparking debate.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW The market approach looks at finding a comparable benchmark to the business being valued. This can be data within the business itself, such as previous transactions, but often involves external comparable transactions or values.

This external comparison will bring its own challenges, For example, data from listed companies do not always reflect privately held business. Valuers often disagree about comparability or indeed the business can be so niche there are no suitable comparators.

Hindsight An important factor impacting all valuation approaches is hindsight.

In most valuations valuers will be instructed to only consider contemporaneous information that was known or knowable at the valuation date. This limitation on what data can be used can create challenges – forecasts rarely align to valuation dates. Earlier forecasts might be outdated and later forecasts incorporate information that would not have been known at the valuation date. Whether something is ‘knowable’ is a separate issue altogether, as a set of financial statements might have been signed a month after the valuation date, but would it be likely that the company’s final performance for this period would have been knowable?

If different valuation dates are used by valuers, or different approaches to hindsight are taken, this can cause significant differences in valuation. For example, a 1 January 2020 valuation would not reflect Covid-19, while a 23 March 2020 valuation, or one factoring hindsight, would capture its impact, leading to a significant difference in outcomes.

Key persons & family dynamics A private company may look strong on paper, but its success may depend on one or two individuals.

A ‘key person’ is not just a title-holder.

It must reflect a role in the business, which cannot readily be replaced by recruiting someone with equivalent skills. The key person brings skills,

relationships, and reputation that are hard to replace. Their influence often extends to goodwill, sector influence and client trust. The value or impact of this person leaving can be seen very differently by them, their successor and indeed by a valuer.

The departure of the founder can be a milestone moment for a business. In addition, modern family businesses face blended families, competing priorities, and deadlock. Disputes drain time, money, and morale and deadlock between shareholders and succession ambiguity can result in a business stalling.

Conclusion: Valuation is rarely a simple arithmetic exercise. It is a blend of judgement, assumptions, and context. Differences in interpretation are inevitable, but clear instructions, agreed approaches, and early engagement can keep disputes from spiralling. Ultimately, the goal is not perfection; it is achieving a fair, defensible value that unlocks resolution rather than fuels contention.

Liquidity and practicality A £20 million valuation does not mean £20 million in cash Valuations are often hypothetical, and turning that number into real money, especially in disputes or buyouts, is rarely straightforward, particularly when deferred consideration is in place.

Funding an exit usually involves loans, asset leverage, or staged payments, each with its own risks. The bigger and more illiquid the business, the harder a clean split becomes.

Anti-embarrassment clauses help avoid the sting of selling out and missing out on a big payday. Timing matters too: share buyouts and deferred consideration can look very different six months later if markets shift or key deals land.

Tax and legal overlay The valuation is not undertaken in isolation, as tax and legal considerations are often crucial.

Minority shareholdings may attract discounts because they lack control. But how much of a discount?

That’s where valuers can differ too.

One of the quirks of tax law is the valuation friction around inheritance tax.

For inheritance tax purposes, the value is based on the reduction in the estate as a result of the gift or death, the “loss to the estate.”

35

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW

FIRESIDE CHAT WHAT PROFESSIONALS AND FAMILIES NEED TO UNDERSTAND ABOUT THE PSYCHOLOGY OF WEALTH – AND HOW TO ACT ON IT Authored by: Dr Chantal Basson (Clinical Psychologist, HSA) with Peter Goddard (Founder) - IMG Trust The right psychological support at the right moment can help stop emotional dynamics from derailing well-designed structures.

Trust disputes never begin in court.

They start when something subtle shifts: silence from a usually vocal beneficiary; resistance to a proposed structure; or a growing sense that “something isn’t quite right.” Often, what drives these disputes isn’t the legal framework – it’s emotion, identity, or unmet needs.

In this interview with Dr Chantal Basson, we focus on practical red flags and proactive steps that can help families and professionals prevent a breakdown before it begins.

Peter Goddard: What should trustees or family advisers do to help prevent disputes that stem from emotional dynamics, not structural flaws?

Dr. Basson: The earlier you ask the hard questions, the easier it is to prevent conflict. That doesn’t mean therapy. It might just mean supervision, coaching, or having a trusted sounding board to help you see clearly.

Ask yourself: What could go wrong here? What emotional patterns are in play? What do I sense but haven’t said?

Families can’t tolerate challenges if they’ve never had to face them, so normalising challenge is part of prevention. And sometimes, that will require the adviser or trustee to initiate that process themselves.

Peter: If trustees should build or redesign family structures with psychology in mind, what’s the one thing you’d change?

Dr Basson: Even one or two conversations with someone trained in systemic psychology can shift how a family charter is drafted, how expectations are set, and how cohesion is built.

Letters of wishes are a big one. They’re treated as quasi-legal documents, but they can also carry huge emotional weight.

They often contain hope, disappointment, sometimes control.

If those dynamics aren’t named or understood, they become live wires.

Peter: Why do some beneficiaries struggle with anxiety or purpose, even when nothing seems wrong?

Dr Basson: Wealth is often viewed as a solution - a way to provide comfort, opportunity, and support.

But success also comes with emotional trade-offs that aren’t always visible.

I often work with clients who say, “We have all this privilege, our life should feel amazing, but it doesn’t.”

One reason is disconnection. When someone is surrounded by ‘yes people’, it can create a vacuum.

Boundaries slip. People stop challenging you. That may feel good in the short term, but it can create serious psychological blind spots, especially for the next generation who’ve grown up in that environment.

Without meaningful challenge, identity gets stunted. If a beneficiary has never had to make independent decisions or their challenges are minimised because “everything’s already taken care of,” it’s easy to feel invisible. I’ve worked with families where young people say, “I’d have to win a Pulitzer to be noticed in this family.” That tells you a lot.

Peter: How do early family roles - like the golden child, the outsider, or the rebel - affect trust dynamics later on?

Dr Basson: Family roles shape how we see ourselves and how others treat us.

In wealthy families, fixed labels like “the favourite,” “the difficult one,” or “the outsider” can become emotional fault lines that carry into adulthood and into trust structures.

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ThoughtLeaders4 High Net Worth Litigation & Advisory Magazine • A YEAR IN REVIEW Even the ‘golden child’ often lives with pressure and the fear of being pushed out of favour. The ‘outsider’ is usually blamed or kept at the edge of the system, but often they’re the most driven, because they’ve had to forge their own path.

But that difference can stir discomfort, shame, and division in the wider family.

Shame is corrosive. It creates silence, secrecy and defensiveness. These patterns are often at the root of longterm trust disputes - particularly when families haven’t made space to reflect on how identity, loyalty, or perceived value are expressed across the generations.

“Cohesion doesn’t happen by accident. It takes structure, clarity and early challenge.”

Key Take Aways: Watch for disconnection, not just disagreement A sudden withdrawal, growing silence, or a loss of engagement from a beneficiary can be an early sign of emotional tension well before open conflict arises.

Look beyond performance to identity Families may prize achievement, but psychological strain often stems from a lack of autonomy.

Fixed family roles carry into structures Early labels like ‘the golden child’ or ‘the difficult one’ often shape how beneficiaries are treated in trust arrangements. These patterns deserve reflection, not repetition.

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