No one likes talking about what happens when they’re no longer here. It’s a conversation many families put off because it feels uncomfortable or unnecessary. However, having a clear succession plan is one of the most valuable things you can do for the people you care about.
At Ward Goodman, we help individuals and families plan for the future, ensuring their wealth is passed on in the most tax-efficient way while giving them confidence that their wishes will be carried out. Whether you’re thinking about supporting your children, protecting your grandchildren’s future or preserving your family’s legacy, starting the conversation today can make all the difference tomorrow.
What is family succession planning?
Family succession planning is simply the process of deciding how your wealth, property and other assets will be passed on to future generations.
It isn’t just about writing a Will. Good succession planning considers:
- When you should pass on your wealth.
- How much you can comfortably afford to give.
- Who should benefit.
- The most effective way to transfer your assets.
With an estimated £5.5 trillion expected to pass between generations in the UK over the next 30 years, many families have significant decisions to make. Yet surprisingly few have a structured plan in place.
Why planning early matters
Putting plans in place early gives you more control and provides greater certainty for your family.
By discussing your intentions openly, you can:
- Reduce the risk of misunderstandings or family disputes.
- Help loved ones understand your wishes.
- Prepare future generations to manage inherited wealth responsibly.
- Make the administration of your estate much easier.
Planning isn’t just about tax – it’s about ensuring your lifetime of hard work benefits the people you intend it to.
Should you give wealth away now or later?
One of the biggest questions many clients ask is whether they should make gifts during their lifetime or leave everything through their Will.
There isn’t a one-size-fits-all answer.
Lifetime gifting
Making gifts during your lifetime allows you to see your family benefit while you’re still here. It can also form part of an effective Inheritance Tax strategy, provided it’s carefully planned.
Many parents and grandparents choose to help with:
- House deposits
- Education costs
- Weddings
- Business ventures
However, it’s essential to ensure you’re not compromising your own financial security or future care needs.
Passing wealth through your Will
For others, retaining control of their assets throughout their lifetime offers greater peace of mind.
A professionally drafted and regularly reviewed Will ensures your estate is distributed according to your wishes and can help minimise complications for your loved ones.
In reality, many families benefit from a combination of both approaches.
How much should you pass on?
Succession planning isn’t only about what you own – it’s about balancing generosity with financial security.
Before making significant gifts, it’s important to understand:
- Your future income requirements.
- Retirement spending.
- Potential care costs.
- Your overall financial position.
Cashflow planning can be invaluable in helping you understand what assets are genuinely surplus to your future needs.
Thinking beyond the next generation
Most people naturally think about leaving assets to a spouse, partner or children. However, succession planning can also include:
- Grandchildren
- Extended family
- Friends
- Charitable organisations
In some circumstances, passing assets directly to grandchildren may also reduce the amount of tax paid across multiple generations.
Every family is different, which is why personalised advice is so important.
Protecting vulnerable beneficiaries
Some family situations require additional planning.
For example, you may wish to protect assets if:
- A beneficiary is vulnerable or has additional needs.
- You’re concerned about future divorce settlements.
- Younger beneficiaries may not yet be ready to manage significant wealth.
- You want greater control over how and when assets are received.
In these circumstances, trusts may provide greater flexibility while helping safeguard family wealth for future generations.
Don’t forget to review your Will
A Will shouldn’t be something that’s written once and forgotten.
Major life events such as marriage, divorce, children, grandchildren, changes in wealth or retirement can all affect your wishes.
Regular reviews help ensure your plans remain up to date and continue to reflect your family’s circumstances.
How Ward Goodman can help
Succession planning is about far more than reducing tax. It’s about creating certainty, protecting your loved ones and ensuring your wealth is passed on exactly as you intend.
At Ward Goodman, we work closely with clients to understand their individual circumstances and provide practical, straightforward advice that supports long-term family goals.
Whether you’re reviewing your existing Will, considering lifetime gifting, exploring trusts or looking to create a comprehensive succession plan, our experienced advisers are here to help.
Start the conversation today
Planning ahead gives you greater control, more options and peace of mind that your family’s future is protected.
If you’d like to discuss your family succession planning or review your existing arrangements, get in touch with the Ward Goodman team today on 01202 875 900 or Contact | Ward Goodman. Together, we’ll help you create a plan that protects your wealth and your legacy for generations to come.
