Most wealthy Britons do not discuss their will with family

Most wealthy Britons do not discuss their will with family

London 10 February 2023 – Most wealthy Britons prefer not to share their inheritance plans with their families, according to a new study.

In a survey commissioned by Brown Shipley, a Quintet Private Bank, 54% of respondents said they had not spoken to loved ones about plans to pass on wealth. More than two-fifths (42%) had not yet made a will, though 17% were planning to do so in 2023.

The report indicated that large numbers of wealthy people are now consulting wealth management professionals, with almost a third (32%) saying they had reviewed their plans to make sure money was passed on in a tax-efficient way.

The current tax-free inheritance allowance is £325,000, while a £175,000 nil-rate band applies to homes passed to children or grandchildren. However, gifts made in the last seven years of someone’s life are exempt.

Rebecca Williams, Head of Wealth Planning at Brown Shipley, a Quintet Private Bank, said: “Speaking to loved ones about estate planning and your will can be uncomfortable, but it can help provide clarity and prove beneficial to long-term family dynamics.

“Those wealthy individuals who put off making a will may find their wealth isn’t passed on in the way they wish, or that their loved ones might have expected. There are decisions that individuals can make now that can have a positive impact on how loved ones will benefit – in the near term and over time.

“It’s encouraging that many people are taking action to pass their wealth on efficiently, and also consulting a professional adviser to do so. This can help ensure wider plans and timing for passing on wealth are taken in account, while also ensuring that the most tax-efficient structures are in place.”
Important Information
Notes to Editors
Opinium Research asked a representative sample of 4,000 UK adults between 6th November to 10th January 2023. 692 of these have estimated financial assets in excess of £150,000 and/or a main home valued at £1m or more.  These are described as ‘wealthy’ in the press release.
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The information contained in this article is defined as non-independent research because it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research, including any prohibition on dealing ahead of the dissemination of this information.
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Information correct as at 16 February 2023.
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