Succession planning

“Deciding how and when to pass wealth on to future generations can be difficult to navigate. Understanding your options and how this can be managed is key to ensuring assets are passed to children, grandchildren and others in line with your wishes.”  Credit Suisse Wealth Planning UK

The largest intergenerational transfer of wealth is taking place among the world’s wealthiest families. Between now and 2029, USD 8.6 trillion of global high net-​worth wealth will be transferred from one generation to another.1 Yet while every family inevitably faces succession, research shows that not all are prepared for a smooth hand-​off: 70% of families report failure in intergenerational wealth transfers and 67% cite succession planning and inheritance as among their biggest concerns.2 We share with you the secret of a lasting legacy through succession planning.

Succession planning: Asking the key questions

Common questions when deciding on your succession planning strategy should include:

• How and when shall I pass on my wealth?
• Am I comfortable giving up control of my assets?
• How will I organize my wealth transfer?
• What is the ideal age for my children or grand-​children to inherit family assets?
• How can future generations protect these assets in times of crises or major life events?

See this checklist from Credit Suisse.

There are many institutions, including Credit Suisse, that produce excellent research into many financial issues.  Their objective is simple.  To manage your money.  The same objective applies even if it’s UBS, Tilney, Brewin Dolphin, St James Place….there are many firms selling similar services. Their message is simple. We will provide you with advice providing you let us manage your money.

In most circumstances, it makes sense to be clear about your objectives before approaching these firms for advice as it will be biased in favour of selling their products.

 Let’s have an open conversation about ‘succession’, not one that is biased.