Family succession planning means deciding how, when and to whom you pass on your wealth. It involves four key questions: when to transfer, how much to give, who should receive it, and how to do so. Starting early with open conversations, an up-to-date Will and the right structures helps protect your legacy and your family.
Talking about money can feel uncomfortable, especially when the conversation concerns what happens after you are gone. Yet these conversations matter more than most people realise. Without a clear plan, the wealth you have spent a lifetime building may not reach the people you intend it to, in the way you intend.
The scale of this challenge is significant. Research suggests the UK is approaching the largest intergenerational wealth transfer in history. Kings Court Trust’s “Passing on the pounds” research estimates that £5.5 trillion will pass between generations in the UK over the next 30 years. Despite this, far too few people have a plan.
This guide breaks down family succession planning. By the end, you should feel more confident about the steps ahead.
