No one wants to have *that* conversation: the one that involves talking about inheritance with the family. But it doesn't have to be difficult. At Narrative, we guide clients through these conversations with practical, family-focused advice.
Putting your inheritance plans in order
Before talking to your family, you need to know what you want to say and have your affairs in order. That means getting family financial planning advice beforehand to make sure you’re planning your inheritance effectively. By getting, you are showing the right way to approach inheritance. This can reassure adult children who may have been holding back their questions about the future. If you need some assistance at this stage of inheritance planning, our experts will e happy to support you.
Choosing the right time for the conversation
You might think that there’s no good time for inheritance and legacy conversations, because it’s a difficult topic to bring up. However, finding a time and place that’s calm and quiet, is a very good start. Try to schedule a meeting in a setting that works for everyone, or set aside time to discuss family wealth management with whoever has power of attorney. In short, think about the emotional impact on your family.
Being practical with your legacy planning
Thinking about what will happen after you’ve passed away may be difficult. However, you need to show your family what to do when you’ve gone. Make sure they know where to find your will and any other relevant documents. Specify how much assets such as a valuable stamp album are worth and who should get them. Prepare passwords so your beneficiaries can access accounts online. It’s all about communicating about your financial plans in a pragmatic, yet sensitive way. Financial decisions sometimes need to be taken quickly after your death and your family won’t be able to act without your paperwork.
Why inheritance conversations matter
If you don’t talk about family wealth management, there’s a risk that certain beneficiaries or loved ones will feel let down after you've gone. They may even take a legal route to contest a will. With expert guidance, you can be ready to explain your decisions and talk through your inheritance tax planning.
Starting the conversation with your family
If you’re talking to adult children, you could try an ice breaker such as this:
“I’ve been considering the future and I want to make everything as easy as possible for you when I pass away. Can I share my thoughts with you?
Planning your legacy with Narrative
Before anything happens, it’s important to speak to a trusted adviser who can guide you through your inheritance tax options. At Narrative, we provide tailored advice for families in London, England, and across the UK, helping you protect assets and and pass it on with confidence.
Ready to secure your family’s future?
Speak to Narrative today.