For many families, financial planning is not just about securing your own future, it is also about making sure the wealth you have worked hard for, can benefit the next generation in the way you intended.
Talking about money is not always easy. But without these conversations, younger generations can be left feeling overwhelmed and unprepared, with little understanding of what they may inherit, how to manage it or what may be expected of them as a beneficiary or personal representative.
At Anstee, we encourage you to consider introducing your children, and where appropriate your grandchildren, to us as your financial advisers. This gives them the opportunity to understand the family’s financial arrangements, ask questions and start building their own financial confidence. It also allows us to build a relationship with them before they may need our help.
It is also important to consider bloodline protection. Divorce and remarriage can affect what ultimately happens to family wealth, so discussing these circumstances and considering whether any planning may be appropriate can help protect your intentions.
Generational planning is becoming particularly important with the changes to pensions from 6th April 2027, when pension funds are to be included within the estate for Inheritance Tax purposes. Personal representatives will need to liaise with each pension provider to establish the liability and arrange for the tax to be paid. This could be a significant responsibility, particularly where several pension providers are involved.
This is why we encourage you to tell us who your beneficiaries and personal representatives are and to introduce them to us. Building those relationships now could make a real difference when they need our support in the future.
We are Independent Financial Advisers (IFA’s) registered with the FCA. This means, above all, that the advice we offer is unbiased. All our financial advisers have the relevant professional qualifications needed to help you. If you would like a review of your investment, why not arrange a meeting today? Also, the first “getting to know you” meeting is at our cost and is without obligation.
Additionally, our advisers live and make use of meeting rooms in-
Also, we make full use of video conferencing facilities such as-
We can also arrange a conference call. The choice is yours. There is no need to visit an office as all work can be handled remotely.
If you have any thoughts or views on this article, “Generational Wealth Planning. Start the conversation”, then we would love to hear from you.
Finally, the information contained in this article is for information purposes only and does not constitute financial advice. Anstee & Co. is authorised and regulated by the Financial Conduct Authority (FCA).