Inheritance: How the great wealth transfer impacts you

The UK's 'great wealth transfer' will see an estimated £5.5trn to £7trn passed down the generations in the next 30 years. As money, property, and assets are passed on through inheritance, gifts, and estate transfers, it is important to understand what this will mean for you.

"HOW CAN I SECURE MY LEGACY?"

Baby boomers (born 1946–1964) control more than half of the UK’s wealth, according to Vanguard. Mostly, they are financially comfortable, though may be worried about their children or grandchildren. The key is to start the conversation with family members early. This means taking a proactive approach to financial planning – securing your legacy will bring peace of mind.

"HOW CAN I SAVE TIME?"

The first beneficiaries of the great wealth transfer are likely to be Generation X (born 1965–1980). Typically, this group is time poor, with a mortgage and multiple dependants to look after. For Gen X, thinking about the great wealth transfer might not be a priority, but seeking advice now about retirement and general financial planning can save you a lot of time and stress later. It is also important to and start conversations with your parents about what they plan to leave behind.

Taking advice to simplify your decisions, reduce debt, invest wisely, and understand taxes will prove advantageous. As will tuning into estate planning and working to prioritise long-term goals while managing inherited wealth responsibly (and with confidence).

"HOW CAN I ACHIEVE MY FINANCIAL GOALS?"

Millennials (1981–1996) typically have lower wealth levels than older generations but are highly motivated to improve their financial future. To build confidence and prepare a solid financial plan for the next 30 years (and beyond), it is a good idea to start working with us early, so you’re well-equipped to deal with what’s coming your way. We understand your predicament better than most.

TALK IT THROUGH

Whatever life stage you’re at, planning early and seeking advice will help you embrace the future with confidence. We can help you navigate the great wealth transfer.

Contact us now or schedule a free consultation -- with no obligations.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice, and certain forms of estate planning.