What does Brexit mean for families?

With a possible no-deal exit from the EU looming constant reports of last minute negotiations in Brussels and a Saturday sitting of Parliament on only the fifth occasion since the outbreak of the Second World War it is clear that Brexit has caused monumental political upheavals in the UK the repercussions of which are likely to rumble on for some time. But what does Brexit mean for people’s personal affairs? 

In this update we look at some of the possible ramifications of Brexit within the Private Client arena.

The EU Succession Regulation

The EU Succession Regulation (also known as Brussels IV) is relevant to estate planning for British nationals with assets situated in another EU country (other than Ireland or Denmark). For example EU assets could include a holiday home in France shares in a Spanish business or a bank account in the Netherlands.

Since 17 August 2015 the Regulation has allowed British nationals with EU assets to ‘elect’ into their national law in their Wills so that that national law governs succession to their estate in both the UK and EU. For British nationals...