SUCCESSION PLANNING: UK citizens not discussing inheritance with their families
Chris' opinion: According the research conducted by Brewin Dolphin (see below) it does not surprise us that so many families do not engage in discussing inheritance with families. Much dispute and even families breakdown after the death of a loved one because they do not receive what they expected. In addition, families face the issue of gaining probate and all too often do not know what their family owned let alone which bank accounts and savings they held. Much of this can be avoided in early discussion and planning.
At Langham Wills we aim to remove some of the issues outlined so that it can make for an easier process at a time when family are grieving.
Thursday, 21 September, 2017
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.