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SUCCESSION PLANNING: UK citizens not discussing inheritance with their families

Almost half of UK citizens have never discussed inheritance with their families, and a quarter do not think it is a priority, according to new research from Brewin Dolphin.

The research, undertaken with Opinium, revealed that 47 per cent of UK adults have never discussed inheritance matters, while 26 per cent do not consider the conversation as a matter of priority, on the basis that they are not old enough to worry about it.

While life events, such as health scares, may prompt around half (52 per cent) of people to discuss succession planning, more than a third (36 per cent) do not feel comfortable discussing their legacy.

Brewin Dolphin has advised UK citizens to think about their future planning on behalf of both themselves and their families, both in terms of writing a will, and in planning how best to minimise inheritance tax (IHT).

According to official ONS statistics, IHT raised GBP4.9 billion in the last financial year, and advisors have warned that the increase, though partially down to rising property prices and frozen tax thresholds, can also be attributed to poor planning by families.

Liz Alley, Head of Financial Planning Operations at Brewin Dolphin, said: ‘Estate planning is an extremely emotional subject, as people generally don’t like talking about money or death. However, our research shows that around one in ten people would like to talk about it but haven’t found the right time – and some people just don’t know where to start.’

As a result of the research, Brewin Dolphin have suggested various measures to help families with their succession planning, from having an up-to-date will and making plans for later life care, to using pensions and the annual gift allowance to pass on wealth tax efficiently.

Sources

Brewin Dolphin (1)
Brewin Dolphin (2) (PDF)
HMRC (PDF)
YourMoney

This article incorporates material originally published by STEP in their UK News Digest of Thursday, 21 September, 2017 and is reproduced with their permission. To view STEP news items please click here.

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