£50m. That’s how much Oasis brothers Noel and Liam Gallagher are set to earn from ticket sales alone for their 2025 reunion tour following a 15-year hiatus and a very public feud between the Mancunian pair.
Despite the long-publicised dispute between Noel and Liam, with both repeatedly vowing over the years never to play together again, their highly anticipated tour— which sold out in mere hours—proves that resolutions can be found in even the most contentious matters.
Disputes between family members are a natural part of life. Emotions often run high, and conflicts can become deeply entrenched over time. However, as the Gallaghers have shown, a shared goal or vision can be a valuable motivator in finding a resolution.
As trustees working with multiple generations of high-net-worth families, conflict mitigation and resolution is, often, par for the course. Where substantial wealth and family businesses are involved, the risks of disputes are significantly heightened. We have a duty to act in the best interests of all current and future beneficiaries. Where there is a dispute between family members, this can see us acting for both sides, where is it imperative to remain impartial.
While disputes between beneficiaries can result in hostile communication that must be carefully managed, complex challenges also arise when communication has broken down entirely. Such cases demand specialised handling, especially when a beneficiary refuses direct communication with trustees. Regardless of how a beneficiary feels about us, our duty to act in their best interest remains steadfast.
For instance, the case of two family members so estranged that they had no direct contact, with one refusing to engage with us as trustees. This reluctance stemmed from a breakdown in trust with a former trustee, leading to our appointment based on our expertise in handling contentious situations.
Ultimately, we were able to build a constructive direct relationship, which was achieved following years of careful management, considered interactions and a consistent delivery of client service excellence which, combined, helped to create trust.
The world of private client services vividly illustrates the truth of the saying, “once bitten, twice shy.” Clients who have been let down by previous service providers often approach new ones with caution, wary of placing themselves in a vulnerable position again. For settlors and beneficiaries, their trustee holds legal ownership of a significant portion, if not all, of their wealth and assets or that of their families. While regulations offer some reassurance that trustees will act ethically and within the law, genuine trust can only be built through the delivery of a consistent, reliable service.
Disputes among families may not arise until such time that wealth is being passed between generations. From divorce and debts to warring siblings and inheritance issues, the passing of a patriarch or matriarch can add extra complications where clear succession plans are not in place. In fact, three in four people are likely to experience a will, inheritance, or probate dispute in their lifetime, with disputes among siblings being the most common form of dispute. Even Aretha Franklin’s children spent five years disputing the singer’s will, which ultimately took a two-day trial to resolve.
A trustee can play an invaluable role in the establishment of a robust and well-structured succession plan to mitigate the risk of inheritance disputes. By providing impartial oversight and expert guidance, a professional, regulated trustee, working in partnership with appropriate advisors, ensures that the transition of wealth and assets occurs smoothly and in accordance with the wishes of the settlor. However, this is not always straightforward, and can require trustees to go above and beyond in their duties.
We experienced this in the case of a Middle Eastern family where the settlor’s wishes to distribute his assets in accordance with Shari’a law conflicted with the underlying laws covering the discretionary trust, which had a much larger class of potential beneficiaries. Working in partnership with a Tier 1 law firm, we ultimately submitted an application to the Grand Court of Cayman to bless our decision to distribute to the Shari’a heirs to prevent objections to the decision being raised at any time in the future. This approach demonstrated the highest level of risk mitigation, removing the opportunity for disputes to arise.
A trustee’s role becomes especially critical in complex family dynamics, where conflicting interests and emotions may otherwise derail the succession process. In addition to facilitating the management of legal and financial aspects, as experienced trustees, we can also facilitate connections with counsellors, mediators and a host of other professionals to help navigate sensitive family relationships and foster open communication. Our involvement can prevent disputes and misunderstandings that might arise during the succession process, ensuring that the plan is executed fairly and effectively.
Our role as trustee extends far beyond administration; it encompasses the delicate balance of managing wealth, mediating conflicts, and safeguarding legacies. As demonstrated by the Oasis brothers’ unexpected reconciliation, even the most entrenched disputes can find resolution when guided by a common goal. Similarly, trustees are entrusted with the responsibility of navigating complex family dynamics and ensuring that succession plans are not just legally sound but also resilient to the emotional challenges that may arise.
By acting with impartiality, fostering trust, and maintaining continuity, trustees play an essential role in protecting the wealth and harmony of families across generations.
