High net worth individuals aged under 30 are increasingly common, and it has been argued that they have particular wealth management needs, given their age and circumstances. This article, by Stuart Price, associate at law firm Thomson Snell & Passmore, considers some of the issues. The editors of this news service are pleased to share these views and invite readers to respond. This publication doesn’t necessarily endorse all views of contributors.
Recent HM Revenue & Customs statistics show a 33 per cent increase in the number of people under 30 earning in excess of £1 million ($1.28 million) a year. This is surely an indication of the growing entrepreneurship of young people in the UK. Wealth management and estate planning advice is absolutely vital to ensure the longevity of this young wealth. Traditional estate planning advice is still relevant to young entrepreneurs, but with some differences owing to their particular circumstances.
Article written by Stuart Price, Thomson Snell & Passmore originally published in Wealth Briefing. Read the full article here: Planning for all eventualities: The use of 'common tragedy clauses' in wills.