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Independent financial advice on passing on wealth

Passing on your wealth to loved ones can be an intricate but ultimately rewarding endeavour. Our independent Wealth Planners can iron out the complexities for you and devise a comprehensive wealth strategy to make sure you leave more of your wealth to your loved ones (not the tax man) and your wishes are honoured without unnecessary expense or delay. This is where we can help - book a free consultation below. 

  

Request a callback

To discuss how to pass on your wealth, book a complimentary, no-obligation consultation.

Request a callback

Passing on wealth

Click here to listen to Hayley Hamer, one of our Financial Planners, as she talks through everything you need to consider when passing on your wealth.

Watch the video

Frequently asked questions about passing on your wealth 

Our short video series answers some of the most frequently asked questions about passing on wealth: 

  • How can I pass on wealth to my heirs? 
  • How can we help you pass on your wealth? 
  • What should I think about when planning to transfer my wealth? 
  • How can I ensure my wealth is passed on tax-efficiently? 
  • Can I pass on any unused pension funds? 

How to pass wealth to your heirs

The simplest way to pass your wealth to your heirs is to speak to a Wealth Planner who will help you prepare for every eventuality and advise you on the actions you can take to ensure your wealth is transferred in the most efficient and appropriate way. For example:

  • Making a will - without one, your estate will be shared according to a set of rules which may differ greatly from your wishes and could devastate those you leave behind
  • Gifting from any excess income you have during your lifetime – while this can be an effective strategy, there are many important considerations to ensure the gifts stay exempt from tax
  • Investing tax efficiently - investment assets that benefit from Business Relief (BR) are exempt from inheritance tax; however, they are typically high risk so may not suit everyone
  • Using trusts - a trust structure could help with private education costs or future property purchases. 

Gifting wealth during your lifetime

If your Financial Planner recommends gifting wealth or assets to your loved ones as a suitable strategy, it’s helpful to start sooner rather than later, as the inheritance clock starts ticking as soon as the gift is given.

Usually, seven years must pass before your gift is 100% inheritance tax free. Should you die before this, the person who received the gift may owe inheritance tax. Gifting wealth earlier also has the added benefit of seeing those you love enjoy what you have given them.

There are many different ways of gifting wealth, however, there are lots of rules and often the amount you can give without incurring inheritance tax is capped.

Before gifting any money, we recommend completing a cashflow modelling exercise with your personal Financial Planner to check how much you can afford to give.

Our inheritance tax planning service can also help you decide when and how to gift your money.

 

Passing on your pension wealth

Pensions are generally outside the scope of inheritance tax in the UK, so, any remaining pension funds will pass to your nominated beneficiaries when you die. As such, we would typically recommend that pension benefits are gifted after assets which are liable for inheritance tax.

If you die before the age of 75, lump sum payments from your pension will usually be paid to a nominated beneficiary free of inheritance and income tax.

If you die after 75, your beneficiary will still receive the proceeds of your pension fund free of inheritance tax, but they would have to pay income tax at their marginal rate on any withdrawals.

As retirement planning and pension experts we will always check the most up-to-date rules and regulations around passing on your pension and advise you accordingly.

Passing on wealth – how can we help you?

While passing on wealth can be rewarding, you might also find it complex. Our personal Wealth Managers have the expertise and importantly, the independence to advise you on the best way forward.

Your dedicated personal Wealth Planner can:

  • Review your current financial situation and help you decide the best way to pass on wealth
  • Take you through a cash flow planning exercise and let you know how much you can afford to give
  • Consider the rules and amounts you can give with regards to inheritance tax
  • If you decide you want to invest your legacy, they can build a diversified investment portfolio suited to the needs of your loved ones
  • Review your plans on a regular basis and make adjustments as and when they are needed.

  

Request a callback

To discuss how to pass on your wealth, book a complimentary, no-obligation consultation.

Request a callback

Investment involves risk. The value of investments and the income from them can go down as well as up and you may not get back the amount originally invested. Past performance is not a reliable indicator of future performance.

The tax treatment of all investments depends upon individual circumstances and the levels and basis of taxation may change in the future. Investors should discuss their financial arrangements with their own tax adviser before investing.

The tax treatments set out in this communication are based on our current understanding of UK legislation. It is a broad summary and cannot cover every circumstance and it does not constitute advice.

The information provided is not to be treated as specific advice. It has no regard for the specific investment objectives, financial situation or needs of any specific person or entity.

  

Our specialist wealth planning solutions

Retirement planning

Learn more

Inheritance tax services

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Long-term care planning

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Services for business owners

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Comprehensive wealth planning

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Wealth management explained

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Keeping you informed

Wealth planning: will you be able to afford rising care home costs?

Although we all know the cost of care in later life could be significant, few people realise the true extent of care home costs, nor do they adequately plan how to pay for them. Having a comprehensive wealth strategy in place can ensure you are financially prepared should you require long term care in the future.

Read more
Our investment outlook for 2024

Read our latest Investment Outlook to learn how we are navigating through the economic turbulence to identify key investment opportunities.

Read more

Wealth management updates

See all blog posts

  

  

Meet some of our wealth planning experts

If you would like to know more about how our independent wealth planners can help you pass on your wealth, please get in touch. We will be delighted to provide more details of our services.

Photo of Clive Collins

Clive Collins

Chartered Financial Planner

I am a Chartered Financial Planner with over 30 years of experience and am committed to providing the best outcomes for my clients. I specialise in pension and investment work, for both private and corporate clients. Achievements include helping build up a multimillion-pound client portfolio and being part of a multi award winning firm, which included the CII best small IFA for West Midlands on two occasions. A chunk of my career was spent working for leading insurance companies, so there is little I have not come across.


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Photo of Antony Summers

Antony Summers

Wealth Planning Director

Antony provides investment and financial planning advice to private clients and strategic investment advice to trusts, pension schemes and charities. He has a particular specialism in dealing with the investment consultancy issues surrounding individuals, trusts and charities.

As a Wealth Planning Director he not only has significant financial planning experience but also has a strong tax background having previously worked for an accountancy firm where he specialised in the provision of tax and financial planning advice.

Antony strongly believes in Life Planning, which helps his clients visualise whether they are on track to meet their lifetime financial objectives. Through this he can help them plan and implement actions to address any issues identified.

Antony is a Certified Financial Planner and qualified in investment management via the UK Society of Investment Professionals. He is also a member of the Personal Finance Society and the Chartered Insurance Institute.


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Book a free consultation with a Wealth Planner

  

Typically, we provide financial advice to clients with assets over £250,000 or investment management services to clients who have over £250,000 of investable assets. If you’re looking for investment services at lower levels, we may have other options available. Please note, we do not offer a one-off share sale service below these amounts. 

By providing your email address and phone number you agree to be contacted to book a free consultation:

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What happens next?

1. Arranging an initial consultation

First you can expect to receive an email from our team within 48 hours to find a suitable time that works for you, to arrange a voice or video call for an initial consultation.

2. Your consultation 

During this consultation, a member of the team will discuss your situation with you to understand your requirements and answer any questions you might have about Canaccord Genuity Wealth Management and the services that we provide.

3. Referral to a Wealth Planner or Investment Manager

If you decide to progress with us, you will be referred to one of our Wealth Planners or Investment Managers to discuss your situation and requirements in more detail. They will then design a bespoke proposal detailing a unique investment portfolio that matches your individual requirements and attitude to risk, to meet you and your family’s needs.

4. Working with you long-term

With our wealth planning and investment management professionals, your wealth is in expert hands. Our mission is simple - to help you build your wealth with confidence. We will always keep you informed about your investment portfolio and performance and will continue to work with you to build our relationship on your terms. We can meet with you face-to-face, by phone or by email, whichever is more convenient for you. You can also access your account online at any time through our app. Our wealth management professionals are always readily available to speak with you.

 

Investment involves risk and you may not get back what you invest. It’s not suitable for everyone.

Investment involves risk and is not suitable for everyone.