People with assets of £250k+ more likely to discuss plans for passing on their wealth with an adviser than with their partner or children

BYREBECCA TOMES
DECEMBER 8, 2021
(IFA Magazine)

 

  • Just 36% of high-net-worth individuals have discussed wealth plans with their partner
  • Only 28% of over 65s have talked to their children about inheritance
  • One in 12 HNWIs haven’t made any plans at all – not even a will – rising to one in eight Baby Boomers

 

People with assets of more than £250,000 are more likely to discuss plans for passing on their wealth with an adviser than their families, according to the inaugural Saltus Wealth Index.

The Saltus Wealth Index surveyed more than 1,000 people in the UK with investable assets over £250,000 to gain insight into their thoughts, feelings and experiences about their own wealth and the economy as a whole.

Overall, most respondents (91%) said they had made at least some plans, although most had not spoken to family – only a third (36%) have discussed their plans with their partner – and less than half (45%) have made a will.

Almost two in five (38%) of respondents said they had discussed plans for passing on their wealth with a financial adviser, but one in 12 (8%) respondents admit they haven’t made any plans at all – not even a will – rising to one in eight (13%) of Baby Boomers (55+).

Over 65s are most likely to have made a will (at 83%), however, only 28% of this age group have discussed inheritance with their children.

Just 36% of high-net-worth individuals have discussed wealth plans with their partner
Only 28% of over 65s have talked to their children about inheritance
One in 12 HNWIs haven’t made any plans at all – not even a will – rising to one in eight Baby Boomers
People with assets of more than £250,000 are more likely to discuss plans for passing on their wealth with an adviser than their families, according to the inaugural Saltus Wealth Index.
The Saltus Wealth Index surveyed more than 1,000 people in the UK with investable assets over £250,000 to gain insight into their thoughts, feelings and experiences about their own wealth and the economy as a whole.

Overall, most respondents (91%) said they had made at least some plans, although most had not spoken to family – only a third (36%) have discussed their plans with their partner – and less than half (45%) have made a will.

Almost two in five (38%) of respondents said they had discussed plans for passing on their wealth with a financial adviser, but one in 12 (8%) respondents admit they haven’t made any plans at all – not even a will – rising to one in eight (13%) of Baby Boomers (55+).

Over 65s are most likely to have made a will (at 83%), however, only 28% of this age group have discussed inheritance with their children.

Commenting on the data, Mike Stimpson, Partner at Saltus, said: “While it is encouraging to see that most people have at least made some plans for passing on their wealth, a surprisingly large minority have not discussed with their children.

“It is not uncommon for clients to say they don’t want their partner to know the extent of their wealth, however, where possible it is advisable for clients to be open and honest with their family – particularly partners – in order to make the most of tax breaks available.

“Those determined to keep their wealth from their families should certainly consider seeking professional advice, A financial adviser can help create a personal financial plan to help ensure they make the most of their money now and in the future, and that when they do eventually pass it on as an inheritance, it is as tax efficient as possible.”

Commenting on the data, Mike Stimpson, Partner at Saltus, said: 

“While it is encouraging to see that most people have at least made some plans for passing on their wealth, a surprisingly large minority have not discussed with their children.

“It is not uncommon for clients to say they don’t want their partner to know the extent of their wealth, however, where possible it is advisable for clients to be open and honest with their family – particularly partners – in order to make the most of tax breaks available.

“Those determined to keep their wealth from their families should certainly consider seeking professional advice, A financial adviser can help create a personal financial plan to help ensure they make the most of their money now and in the future, and that when they do eventually pass it on as an inheritance, it is as tax efficient as possible.”

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