Where there’s a Will there’s a Gen Zer

20% of 18-24-year-olds emerge as Will makers

As many as a fifth (20%) of young Gen Z adults aged 18 to 24 say they have already made a Will[1]. Getting their affairs in order at such an early age compares favourably relative to the UK adult population overall, where just four in ten (40%) people have made a Will.

Discussing inheritance with your heirs

More than half of UK adults haven’t discussed the subject

With wealth for millennials set to double in the next 20 years, it’s time to get over the awkwardness and have the conversation now. One of the main reasons why people don’t discuss their inheritance wishes is that they assume estate planning is not for them. That it is only necessary if you are very wealthy.

Retirement nest egg

Half of over 50s regret not saving into their pension sooner

The days of working for a single employer for your entire career and retiring with a comfortable pension are largely gone. The responsibility for accumulating a retirement nest egg now rests with individuals as opposed to their employers.

Preserving your family’s wealth

Achieving the right balance of control, access, flexibility and tax advantages

Inheritance Tax is a tax on an estate (the property, money and possessions) of someone who’s died. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and even your future grandchildren, but it’s important to start planning early.

Strategies and solutions

Provision in place to preserve and protect your assets

Failing to protect family wealth from Inheritance Tax could cost families thousands of pounds. However, there are various strategies and solutions to legally avoid paying this tax.

Passing wealth to the next generation

Making a real difference to the financial position of the recipients

With careful planning it is possible to significantly reduce the need for your estate to pay Inheritance Tax. We spend a lifetime generating wealth and assets but not many of us ensure that it will be passed to the next generation – our children, grandchildren, nieces, nephews, and so on. Estate preservation planning is the transferring of wealth from one family generation to the next.

Inheritance Tax Residence Nil-Rate Band

Owning a residence which you leave to direct descendants

The introduction of the ‘residence nil-rate band’ (RNRB) has made it easier for some individuals to pass on the family home. The rise in property prices throughout the UK means that even those with modest assets may exceed the £325,000 ‘nil-rate band’ (NRB) for Inheritance Tax.

Lifetime transfers

Remember the seven-year rule

An outright gift falls into one of two categories, depending on the type of gift and to whom it’s made. These categories are Potentially Exempt Transfers (PETs) and Chargeable Lifetime Transfers (CLTs).