Landed estates are a complex combination of businesses, land, investment assets, future plans and family affairs, all intrinsically inter-woven. In the majority of cases, one individual per generation takes on the role of the ‘custodian’ of the family’s assets; growing them, where possible, and maintaining them for the next generation. It is without doubt that part of the success of ‘Great Britain PLC’ is down to this historic, sound management of family wealth and succession planning.
The current custodian of the family assets is usually aware that, although they currently own the assets, via trusts or otherwise, they are one link in a long chain of custodians and the chain will continue beyond their reign.
The custodian needs to constantly evaluate the affairs of the landed estate to ensure that the financial viability is maintained and that opportunities are maximised where they are deemed suitable for the ethos and long-term strategy of the family.
At Milsted Langdon, our specialist Landed Estates team have many years’ experience of working with some of the largest landed estates in the UK, both in the South-West and nationally. We can help with all aspects of the management of the estate, from day-to-day bookkeeping and payroll to specific projects and beyond – succession planning, inheritance tax, capital gains tax, VAT, Stamp Duty and more. We offer specialist advice on the role of the custodian, trusteeships and can offer insights into what other, similar, estates are doing to enable the custodian to protect the family wealth for generations to come.