When it comes to succession planning for business owners, careful consideration should be given to the businesses' constitutional documents to ensure the owner's wishes as set out in their will can be implemented.
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Trusts have for many years been the most popular way of passing wealth to future generations. However, in recent years a growing number of advisers have recommended family investment companies ("FICs") as a more tax efficient means of succession planning. There are many benefits in using a FIC in addition to tax advantages, namely familiarity and flexibility.