Wealthy Britons turn to financial advisors for inheritance planning

A recent survey has uncovered that wealthy UK residents are more likely to have discussion regarding their inheritance plans with a financial advisor than they are with their children or partner.

Those seeking help with estate planning and financial advice in Shropshire, Hertfordshire and other counties often look to wealth managers for guidance. Offering a holistic and comprehensive service, wealth management firms offer a wide range of services, from retirement planning to investment advice.

The recent study contacted over 1,000 people here in the UK in possession of assets valued over £250,000. These investable assets excluded property, but included bank account funds, cash, certificates of deposit, bonds, stocks and insurance contracts.

According to the report, nine out of every ten respondents had formed a plan to pass on wealth to chosen beneficiaries; however, the majority had not told family members of their future plans.

The survey uncovered that most people holding wealth prefer not to discuss plans for inheritance with their families, while a slightly higher number instead consulted a qualified financial advisor.

While only 36 per cent of those surveyed stated they had shared the plans for passing on their estate with a partner, 38 per cent of respondents had discussed the matter with their financial advisor.

Statistics obtained from the study also found that over four in five respondents over the age of 65 had drafted a will, but only 28 per cent of this age bracket had talked about inheritance plans with their children.


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