The passing of Queen Elizabeth II led to a new reign in the UK after more than 70 years under the same monarch. As King Charles III takes the throne, family offices everywhere can learn from a succession plan that has been in the making for almost three-quarters of a century. Succession planning is the process of identifying successors and preparing them to take the reins once you are gone. In business this could be preparing for retirement or, within a family office, preparing for what will happen when you pass away. Dr Edgar Paltzer provides succession planning services for family establishments as part of his law practice. Read More: https://www.dredgarpaltzer.com/the-queens-succession-plan-and-what-family-offices-can-learn-from-it/

1. The Queen’s Succession Plan and What
Family Offices Can Learn from It
By Dr Edgar Paltzer, an attorney-at-law based in Zurich, Switzerland

2. The passing of Queen Elizabeth II led to a new reign in the UK after more than 70 years under the same monarch. As King Charles
III takes the throne, family offices everywhere can learn from a succession plan that has been in the making for almost three-
quarters of a century.
Succession planning is the process of identifying successors and preparing them to take the reins once you are gone. In business
this could be preparing for retirement or, within a family office, preparing for what will happen when you pass away.
Dr Edgar Paltzer provides succession planning services for family establishments as part of his law practice.

3. PREPARING A SUCCESSOR
Queen Elizabeth’s chosen successor, her eldest son Charles, was
trained from birth for the role, despite not taking on the mantle of
leadership until the age of 73. While this may be an extreme
example, there is still a lesson to be learned. The earlier a
successor is chosen, the more opportunity there is for them to
learn the ropes and be ready to run the business or family when
the time comes.
Charles has been gradually taking on more of the responsibilities
of the monarchy since 2017. When a successor is better prepared
while they still have a mentor, this can help increase the chances
of business longevity.

4. ASSET
PLANNING
At the time of her death, Queen Elizabeth had approximately $500 million in personal wealth and $28
billion in what is known as the Royal Firm. Following her death, the Royal Firm will continue to act as a
form of trust, providing a sovereign grant for the running of the households and upkeep of properties. The
majority of her personal assets will go to Charles. While not every family would be happy with the eldest
child being disproportionally favoured when it comes to asset distribution, it is important to organise
these affairs long before you pass away to minimise family conflict.

5. PLANNING FUNERAL
ARRANGEMENTS
While few of us will have a funeral as elaborate as that of Queen
Elizabeth, we can all learn from her thoughtfulness in planning
ahead for the arrangements. When a loved one dies, it can be
overwhelming to have to arrange burials, memorials and other
services. The Queen had a carefully orchestrated series of events
planned in advance, which were triggered once the Prime
Minister received the coded message ‘London Bridge is down’.