Plan for Inheritance
Inheritance planning is about much more than deciding who gets what.
It’s about balancing what you can afford to pass on, when the right time may be, how to do it efficiently and what you need to retain to protect your own future.
We connect succession planning, investment insight and specialist expertise so you can pass on wealth with purpose, protect family relationships and give the next generation confidence.
How to transfer wealth
Finding the right balance for you .
You may want to help children or grandchildren during your lifetime. You may prefer to retain control of your assets for longer.
For many families, the right answer will involve a combination of both.
We can help you explore the implications of different approaches, considering the assets involved, your family circumstances, your need for control and the financial position of the people receiving them.
A good inheritance plan should work for the person giving the wealth as well as the person receiving it.
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Frequently Asked Questions
Key points to consider
No. Inheritance planning can be relevant wherever you have assets or financial responsibilities, including property, investments, pensions, life cover or a family business.
A useful first step is to build a complete picture of your assets and liabilities and understand your current net worth. From there, you can consider your lifetime income and spending requirements, the potential future value of your estate and what you may ultimately want different beneficiaries to receive.
There is no single answer. It depends on your own financial needs, the assets involved, your family circumstances, how much control you wish to retain and the needs of the intended beneficiaries. We can help you explore the options as part of your wider financial plan.
A range of exemptions and reliefs may be available depending on your circumstances – including the annual small gift exemption, Dwelling House Exemption, Business Relief and Agricultural Relief, along with insurance-based planning under Section 72 and Section 73. Tax rules can change, and personalised tax and legal advice may be required.
A Will is fundamental, but a comprehensive inheritance plan can go considerably further. It may also consider cashflow, taxation, asset ownership, beneficiary nominations, pensions, life cover, family governance and an Enduring Power of Attorney.
Different pensions and investments can be treated differently depending on their structure, ownership and your circumstances. As part of your planning, we can help you understand how different assets fit into the wider picture and where specialist tax or legal advice may be appropriate.
Cross-border inheritance can be more complex, with tax potentially affected by residency, domicile, the location of assets and the laws of different jurisdictions. Specialist tax and legal advice should generally form part of the planning process.
Whenever there is a significant change in your personal, financial or family circumstances. Even without a major change, regular reviews can help ensure your Will, investments, liquidity and wider succession arrangements continue to reflect your intentions.
The answers to these frequently asked questions do not constitute investment advice.
More expertise
Here are a few other ways we can help, depending on your circumstances.