Brits are not preparing enough for the great wealth transfer, despite billions of pounds expected to be passed on to inheritors.
Wealth manager Saltus surveyed over 1,000 people in the UK with assets of more than £250,000 ($330,316, €292,367) and found only a third (36%) have discussed wealth and inheritance plans with their partner.
Less than half (45%) of respondents have made a Will. Overall, most respondents (91%) said they had made at least some plans.
Almost two-in-five (38%) said they had discussed plans for passing on their wealth with a financial adviser, but 8% admitted they haven’t made any plans at all – not even a Will – rising to 13% for Brits over-55s.
Over-65s are most likely to have made a Will (83%), however, only 28% of this age group have discussed inheritance with their children.
Make most of tax breaks
Mike Stimpson, partner at Saltus, said: “While it is encouraging to see that most people have at least made some plans for passing on their wealth, a surprisingly large minority have not discussed with their children.
“It is not uncommon for clients to say they don’t want their partner to know the extent of their wealth, however, where possible it is advisable for clients to be open and honest with their family – particularly partners – in order to make the most of tax breaks available.
“Those determined to keep their wealth from their families should certainly consider seeking professional advice, A financial adviser can help create a personal financial plan to help ensure they make the most of their money now and in the future, and that when they do eventually pass it on as an inheritance, it is as tax efficient as possible.”
