Asset planning

For overarching asset planning, it is important not only to focus on how the assets should be managed relative to risk and return, but also a number of legal questions and clarifications.

Who the owner is can have different consequences when it comes to responsibility, financing, tax and the availability of the capital. Will you own the investments privately, through a common or own holding company, or maybe via a subsidiary?

As a Private Banking customer, your adviser will have the opportunity to discuss your questions about organising investments in more detail with the legal advisers. For large customers, our legal advisers could also be a discussion partner and provide general considerations about a number of conditions.

Our legal advisers have long and broad experience in areas such as taxation, buying and selling companies, company law and inheritance and generational succession.

If you have a long-term perspective, it is important to assess whether the structure is suitable for a simple transfer to the next generation, or a sale of the business.

The Inheritance Act’s distribution is not suitable for all families and if a different distribution is desired, assets can be transferred earlier as a gift and/or the plans can be laid out in a will. An early transfer of the family company, for example, can be carried out by establishing different share classes where parents can secure continued control within the company. In some cases, it is also appropriate to have a shareholder agreement/family agreement that regulates how the company will be run in future. The creation of a will should be considered where there are minor heirs or your want the inheritance to be the heir’s separate property. Even though we do not currently have inheritance tax in Norway, a transfer will have different tax consequences that should be considered in the planning.

Several cohabitants and spouses believe that assets/separate properties have been agreed, but our experience is that this is not always formalised. Many people believe that this is only significant in the event of an ended relationship and forget the consequences this can have in the event of death.

Future power of attorney is another document that the public sector and we think more people should draw up. A future power of attorney is a private guardianship where you can give a person authorisation to ensure your personal and financial interests are safeguarded if, due to mental disorder, dementia or seriously poor health, you are no longer able to do this.

Life has different phases and what’s important to you will depend on where you are in life.

As a Private Banking customer, your adviser will have the opportunity to discuss your questions about organising investments in more detail with the legal advisers. For large customers, our legal advisers could also be a discussion partner and provide general considerations about, among others, the following matters: