Preparing the next generation: A fresh look at family wealth planning

Published: 09/07/2025 By Hannah Duncan

We’re living through big changes, both economically and politically. As an ever-increasing number of families are falling into the Inheritance Tax trap, it’s not just about protecting assets anymore. It’s about making sure the next generation is prepared to manage and grow what you’ve built.

With trillions set to pass between generations in the UK over the next two decades, the question is simple:

Is your family ready?

Why now
In the wake of government reforms around Inheritance Tax (IHT), robust planning has never been more important.

But wealth isn’t just about the numbers. If your beneficiaries aren't involved now, they may:

• Be caught off guard by tax bills

• Mismanage assets or spend unwisely

• Face family conflict from unclear intentions

• Suffer additional stress at an already very difficult time 

4 practical ways to prepare your family:

1. Talk about it early
Silence around money can lead to confusion later. Share your goals, values, and expectations well before you make any changes to your estate.

2. Build financial family confidence
Many adult children aren’t equipped to manage large sums. Involve them in these discussions now or even help them work with your financial adviser.

3. Using the right options
There are plenty of options that can help reduce tax and protect your estate, however they must be set up properly and reviewed regularly to make sure they work as intended.

4. Get help
Seeking professional advice can help make tough conversations about a complex subject easier, ensuring your plans remain on track.

Preparing your family for the future isn’t just about numbers. It’s about clarity, confidence, and education.

If you’d like to explore how to get started, we’re here to help. Get in touch today, call us on 020 8661 7878 or email advice@turpinba.co.uk