Supporting a UK based family when the patriarch unexpectedly passed away

The burden on the family was eased during a difficult period.

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The unexpected and sudden death of a partner or parent is a devastating time. You are required to plan and make decisions when your focus is, understandably, on coming to terms with your loss. Fortunately, for this UK based family, the patriarch had anticipated his wife would likely survive him and knew that their finances would cause her great burden. Consequently, he chose to work with Affinity to put in place the infrastructure and professional expertise, establishing trusted relationships and facilitating knowledge transfer, to ensure we could support her in such a scenario.

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To successfully achieve this type of planning requires careful shaping and guidance. Indeed, when a family has wealth created or directed by one person, that individual’s views and desired outcomes for after they have passed, often need careful shaping and guidance during their lifetime. In order to do this effectively, the family’s advisers must invest time exploring and understanding the values of the wealth creator and be confident enough to challenge and question, when appropriate to do so.

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Company formation, family value statement and integration of a trusted adviser with detailed knowledge of the family’s affairs.

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The relationship with Affinity developed and deepened over a period of many years. Whilst the family were known to all the leadership team at Affinity, as well as most of the firm’s employees, two senior individuals took the lead in terms of knowledge gathering, culminating in the creation of structures suited to succession needs. A Family Investment Company was established, whose board included the patriarch, other family members and directors of Affinity. This was critical in terms of encouraging next generation engagement and developing a collaborative working relationship.  

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Affinity helped shape a family value statement which provided a much needed framework when the patriarch suddenly passed away. Consequently, immediately on his death, the necessary support mechanism swung into place which included visits to the family home, in order to manage the immediate practicalities of contacting relevant financial providers and establishing a record of assets, which the family could utilise during the probate process. Unsurprisingly, the assistance needed was also emotional and it is testament to the depth of the relationship that our CEO was considered as a possible reader of  the eulogy and there was a strong Affinity presence at the funeral.

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Being there during the challenging times, as well as planning for the future, are key traits of our client offering. However well prepared families are for such events, there are always knowledge gaps to fill, the requirement for expertise to guide and the need for kindness, patience and understanding – this is what we offer.