Spotlight on: wealth transfer

Organising wealth succession planning is rarely straightforward. Decisions made with the support of sound financial advice can help make a big difference to you and the lives of your heirs, by providing guidance, understanding and simplification.

It has been dubbed ‘The Great Wealth Transfer’ – the shifting of demographics and finances that will see record levels of wealth handed down to younger generations over the next few decades.

The ageing baby boomer generation has triggered a sweet spot for intergenerational wealth transfers. It is expected that more than £5.5 trillion will pass down from one generation to the next over the next three decades.1 The huge amount of wealth has been buoyed by years of soaring house prices and rising values of defined benefit pension schemes, which have driven UK household wealth to £11.2 trillion.2

When it comes to intergenerational wealth succession, the age-old issue of balancing the interests and needs of immediate and wider family remains. But so too does upholding family values, promoting a vision and making sure that your wealth is there for subsequent generations to benefit from. Add in human elements such as perceptions, emotions, temperament and ability, and it is easy to see why finding the right balance can be a complex and daunting task.

But while wealth succession planning is a challenge, it is one that can be overcome. A carefully considered plan can offer your family protection against wealth erosion, open up legitimate tax mitigation opportunities and, importantly, give you peace of mind.

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Sources: 1Kings Court Trust. 2ONS, National balance sheet estimates for the UK: 2021.

Important information
Tax laws are subject to change and taxation will vary depending on individual circumstances. Investments can go up and down in value and you may not get back the full amount originally invested.