Protecting family wealth – leaving an inheritance
An increasing number of parents plan to leave their children a hefty inheritance in their Wills and are looking to protect their family wealth for future generations. Many believe this level of cash injection is now the only way that their children and grandchildren will be able to get a foot on the property ladder.
Factors impacting family wealth and inheritance
The situation for many younger people was challenging pre-pandemic, but made much worse after the COVID crisis, with house prices soaring, salary freezes and high levels of unemployment. However, rising living costs and extended life expectancy mean that accumulated family wealth can decrease at an alarming rate, leaving less to pass on after death.
In addition, many people face having to pay for long-term or elderly care which can significantly affect personal finances. All of these issues will have an impact on overall family wealth and make it difficult to predict how much inheritance will be available to pass on.
Plan now for peace of mind later
Organising financial assets and estate planning will help to protect family wealth and minimise the impact of care fees and inheritance tax. A specialist solicitor will be able to suggest the best tools to use such as comprehensive Wills, Lasting Powers of Attorney, and asset protection trusts.
This type of lifetime planning is especially important for those with business interests, particularly if it is a family business. Succession planning is crucial to future-proofing family wealth as well as the successful continuation of the business for future generations.
Asset Protection Review
At GL Law we offer a consultancy service called the Asset Protection Review. One of our expert private wealth solicitors will spend time getting to know an individual’s personal situation and future wishes before advising on the available options, and a strategy to achieve the best possible outcome. Our approach is personal and bespoke to ensure clients receive a tailored solution.
Specialist private wealth legal advice
If you would like to find out how you can protect your financial assets and future proof your family’s inheritance, our friendly team of specialist Wills solicitors are here and ready to help. Please call 0117 906 9400, email email@example.com or use our contact form.