A recently published report has uncovered how many UK adults are currently consulting a financial advisor regarding their plans to pass on wealth to the next generations.
Expert services providing wealth management in Shropshire, Cheshire and other parts of the UK offer guidance on estate planning and can help mitigate the size of inheritance tax bills using tax efficient strategies. Despite this fact, the survey found that at the end of 2021, only 12 per cent of adults in the UK were making use of this invaluable option.
The report surveyed a total of 8,749 adults in Britain and found that just over half of respondents had set no plans in motion to transfer their assets to children or grandchildren. However, it found that those who had intentions to pass on their wealth were simply saving more instead of seeking guidance on cost-effective strategies to achieve their goals.
Other activities engaged in by those planning to bequeath funds to the next generation included obtaining legal advice, selling assets, reducing spending, working additional hours and downsizing their home.
Due to the complexities involved in UK tax laws and the potential financial implications of passing on wealth to beneficiaries, taking financial advice is always advised. The survey suggested that among the reasons many people do not seek out guidance on handing down wealth is a lack of awareness on how complicated such decisions can be.
Another reason cited was that UK savers are not well-informed of where to obtain the financial advice they require.