Single-family offices have been around for a long time, in all sizes and shapes, but they have been in focus since the beginning of this century. Just as families are different from each other, so are their single-family offices, each with a different package of family-specific services. You can also look for the best single-family service in UAE through various online sources.
Image Source: Google
Therefore, it is difficult to define in general terms what a single-family office really is, and as some family office professionals say, when you look at a family office, you only see a family office.
What does a single-family office do?
When the family business is sold, many single-family offices are created and suddenly lots of free fixed assets are available. Therefore, the primary task of a single-family office in most cases is the administration of family assets.
The activities of a single-family office may consist of, for example, making investments in personal capital, managing exchange-traded holdings, or purchasing commercial real estate. Every family office forms its own focus on this.
The family office centers not only on the day-to-day control of family wealth but also specially focuses on preserving and extending this wealth from generation to generation and on preserving family values.
Single-family offices often take part in legal and tax advice, sometimes also in inheritance execution and inheritance planning for a smooth transition and asset preservation for future generations.