It’s a great opportunity for generations to come together and collaborate. With a massive wall of wealth set to pass between generations, starting conversations about the practicalities is a really healthy dialogue to open now.  The upcoming changes to Inheritance Tax (IHT) on pensions from April 2027 makes conversations about legacy planning even more important than ever.

In the UK alone, estimates suggest between £5.5 to £7tn will pass from one generation to the next over the coming 30 years¹.

Whether you’re a beneficiary or preparing to pass wealth on, acting now can shape how that wealth grows and endures. Understanding how inheritance rules work is key. Many people find IHT confusing – 71% of UK adults admit they don’t really grasp how IHT works, while over 40% don’t even have a Will in place².  With potential taxation and estate planning pitfalls, arguably expert support is essential to protect family wealth.

Wealth planning works best when it’s a family conversation. When assets pass between generations, open communication and shared values are essential to ensuring smooth and purposeful transitions. Strengthening intergenerational understanding helps families not only transfer wealth but preserve it in ways that reflect long-term goals and responsibilities. A step-by-step approach, starting with honest conversations, helps build confidence and can stop you feeling overwhelmed.

Breaking down the taboo of discussing death or inheritance is vital. According to research³, 40% of people see inheritance planning as ‘the last great family taboo.’ Moreover, 34% rarely or never talk about family finances with relatives. Opening up a conversation early on can help. It’s more than sharing numbers, it’s about values, hopes and long-term visions.

Structuring inheritance in a tax-efficient manner is a key element. Tools such as trusts, lifetime gifting, charitable donations, ISAs and pensions can all be tailored to support specific goals. With expert guidance, strategies can be tailored to help reduce the tax burden and protect wealth over time.

Perhaps you already have plans in place? Remember to revisit them regularly in light of life changes such as marriage, the birth of a child or the death of a family member. Market shifts and regulatory updates, such as forthcoming changes to IHT rules, can also trigger the need for prompt action, like gifting or revising your estate and retirement strategy. Staying proactive helps ensure that your financial plan remains robust and relevant over time.

It’s easy to think of legacy planning as something for the future, but the ‘Great Wealth Transfer’ is already underway. Whether you’re preparing to pass on wealth or set to receive it, getting ahead makes all the difference.

That means having conversations with extended family, getting advice you trust and putting the right structures in place before the money changes hands. Do that and you’re not just protecting your wealth; you’re shaping your family’s future.

Need help getting started? We can help cut through the complexity and show you the practical steps to take control – simply and clearly. We can also support in getting these important conversations started with your family.

¹Vanguard 2026, ^2/3Schroders Personal Wealth

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.