Are UK families prepared to transfer their wealth to the next generation?
In the wake of the upcoming changes to inheritance tax (IHT) rules, Brodies commissioned a national YouGov survey of 2001 UK adults aged over 50 to assess their awareness, preparedness, and concerns around wealth transfer and estate planning.
Our findings reveal that a significant proportion of people over 50 - those most likely to be affected by inheritance planning decisions - are underprepared and uncertain about the future of their estates. Many have yet to formalise plans or seek advice, and few have engaged their families in essential discussions.
Whether you're passing on a family business, agricultural land, or accumulated wealth, this is a critical moment to take stock – and seek the right advice.
Key inheritance planning statistics
Our survey found that:
of people aged 50+ have a complete, formalised estate plan
say they intend to plan, but haven't yet started
haven't discussed their intentions with family
have no plans – and no intention to make any
Despite growing awareness of inheritance tax (IHT) reforms, most respondents don't know how the changes apply to them personally.
Understand how families across the UK are planning – or failing to plan – for the future. Our detailed survey explores key themes including:
- Awareness vs action in estate planning
- Common misconceptions around inheritance tax
- The emotional and practical importance of family conversations
- The adviser's role in highlighting hidden risks and opportunities
Plans will require to be made to cover significant IHT which will now be due on death in relation to certain asset transfers and during the lifetime of existing trusts where previously no IHT would have been due.
Hayley Robertson, Partner
Why intergenerational wealth planning matters
Without expert advice, even modest estates can trigger:
- Avoidable inheritance tax liabilities
- Family disputes and legal challenges
- Loss of control due to intestacy rules
- Missed opportunities to use available tax reliefs
Effective estate planning is about more than wills and tax - it's about protecting your family, preserving your wealth, and ensuring your wishes are fulfilled and respected.
Estate planning services we offer
- Inheritance tax advice and mitigation strategies
- Wills and powers of attorney
- Trust creation and management
- Succession planning for business and farming families
- Cross-border wealth and domicile issues
- Family conflict prevention and dispute resolution
Our work is tailored, discreet, and grounded in deep technical expertise.
The unintended and unforeseen outcomes (of poor or no advice) can be long-lasting and damaging on family relations.
Nick Marshall, Partner
Get in touch with the personal law team
We believe that informed decisions, made early, are the foundation of long-term family wealth preservation and transmission.
