In England, Banks Giving More Estate Planning Advice

Sarah Murray, Going to the bank for advice on giving, Financial Times, Nov. 10, 2006, explains that:

Once upon a time, the family offices of private banks were quiet corners of the business where staff would give out tax and legal advice, help set up charitable trusts or draw up wills. Today, as wealthy individuals start to look for more say in exactly how their donations are being used, executives working in the family office are growing busier – and more creative.

They are beginning to function almost as brokers for philanthropic ventures, in much the same way that they have traditionally been the brokers for ventures aimed at making a profit. * * *

Unlike their predecessors, the latest generation of high net worth individuals does not simply want to pass on all their money to their children. Increasingly, other donors are giving their cash away during their lifetimes rather than making bequests that will only come into effect after their deaths. * * *

As a result, financial institutions are starting to expand the range of services they offer the wealthy and become more active in the process of finding ways for clients to donate their money more efficiently.

Special thanks to Prof. Joel C. Dobris of the University of California– Davis for bringing this report to my attention.