PAM Guide to Wealth Management


The drafting of legal documents, such as wills, trust deeds and to obtain a grant of probate, has traditionally been the preserve of lawyers. This is because complex legal documentation is usually required, to obtain a foreign probate for example. Some probate can also involve quite complex conflict of law issues that would be outside the normal practice of even the most experienced accountant.

Lawyers will often take the lead in devising overall financial structures, notably wills and settlements, for clients and then work with other professionals, such as accountants, to implement it.

Among the wealth management services typically offered by law firms are:

  • Helping to take advantage of tax exemptions, reliefs and tax planning schemes
  • Wills and living wills, including mitigation of inheritance tax (IHT)
  • Probate and estate administration, such as advising on the terms of wills, the application of intestacy rules and preparing for and obtaining grants of representation, including applying for lasting powers of attorney
  • Providing advice on the drafting and construction of settlements and trusts and other wealth protection structures. Most private client lawyers will act as trustees and carry out the administration of trusts
  • Establishing and managing charitable trusts - philanthropy, both in the UK and abroad, has increased exponentially in recent years
  • Advising on the sale and purchase of property and leasehold transactions, including tax advice when managing a property portfolio
  • International advice on trusts, estates and taxation - this will include the use of double taxation treaties to reduce exposure to tax and the use of disclosure facilities in certain jurisdictions
  • Wealth protection - an increasingly important area is protecting family assets from divorce settlements through pre-nuptial agreements
  • Structures for non-domiciled individuals and overseas assets
  • Image rights and other intellectual property protection
  • Advising on the purchasing and selling of collectibles such as artwork, classic cars and jewellery

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The PAM Directory is a comprehensive guide on comparative data focusing on asset managers, investment managers, private banks, stockbrokers, wealth managers and multi-family offices, who provide discretionary and/or advisory portfolio management services for private clients.

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