Leave a lasting legacy
Our Wealth Managers provide expert advice to simplify the process of passing on wealth. They’ll assess your financial situation, help you determine the best way to transfer your money and assets, and guide you through cash flow planning. All of this makes sure you’re following UK inheritance tax rules where applicable while preserving as much of your wealth as possible.
Your Wealth Planner will also regularly review and adjust your plans as needed, checking they still align with your goals. You may also want to grow your legacy by investing before you pass on wealth to children or loved ones. If so, we can create a diversified investment portfolio - helping you make the most of anything you transfer.
How we can help
Having a plan in place helps you keep more of your hard-earned investments and savings. It can play a big part in strengthening family connections and leaving a meaningful legacy for generations to come.
Common questions on passing on your wealth
It’s important to start by having an open conversation with your loved ones about your wishes. You can then work with a trusted Wealth Planner to find the best way to pass on wealth. We’ll make sure your estate is structured efficiently, minimising the tax your loved ones may have to pay after you pass.
A carefully crafted Will, gifting during your lifetime, and tax-efficient investing are all important ways we can help you preserve your wealth over generations. Cash flow planning is also a useful tool to visualise your money and plan the amount you’d like to leave.
Yes, a private pension can be passed on to a child, but it depends on the type of pension and its rules. If you pass away before drawing benefits from a Retirement Annuity Trust Scheme:
- The entire fund may be paid out as a tax-free lump sum to your nominated beneficiaries or your estate
- Your beneficiaries may elect to receive income payments; however, these would be subject to tax in line with their personal circumstances.
If you pass away after drawing benefits from the Retirement Annuity Trust Scheme:
- The entire fund may be paid out as a lump sum to your nominated beneficiaries or your estate. This lump sum would be taxed in line with your beneficiaries’ personal circumstances.
- Your beneficiaries may elect to receive income payments
Yes, you can pass on your pension. The best way to do this is to nominate the beneficiaries for your pension, which you can usually do through your pension provider’s website.
If you have any UK schemes you may need to check whether pension benefits fall under the scope of Inheritance Tax (IHT) in the UK. The rules around IHT are always changing, so when you’re passing on your pension pot it’s important to speak to a knowledgeable Wealth Planner. They’ll be up-to-speed on the latest regulations and will help you plan how you transfer your pension tax-efficiently.