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Read about COVID-19 Wealth Structuring Trends.
Since March 2020, we have watched with considerable interest to determine whether the COVID-19 crisis has been a motivator for wealth structuring or not. It is well regarded that fear of loss – be it of one’s health or wealth are strong drivers for wealth structuring so you would think that the current crisis would significantly increase the level of interest in wealth planning.
Whilst it is no doubt too early to draw conclusions on the level of interest in wealth planning from the COVID-19 crisis, an immediate observation is the number of people who are drawing up their Will, Lasting Powers of Attorney and for those with Trusts, amending their Memorandum of Wishes.
Although we have not seen or heard of a rush of HNWI establishing trusts being established at this stage, there are clearly on-going conversations with those who were considering their options before the crisis.
This could be for the following reasons:
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