Why it might pay to plan your legacy with your loved ones

Daniel Coward, Technical Development Senior Specialist
30 March 2026

If you want to make life easier for your loved ones, it starts with talking about the hard bits. Things like deciding what you’d like to pass on, what you want to happen when you’re no longer here, or how you’d cope without a loved one.

It’s tempting to avoid it. Many of us do.

But leaving these things unsaid can create confusion, stress, and uncertainty for the people you care about most.

And with a huge shift in wealth happening over the next few decades, these conversations matter more than ever.

They’re calling it the “great wealth transfer”

Over the next 30 years, an estimated £5.5 to £7 trillion is expected to move from one generation to the next in the UK. That’s a huge amount – and it means many families will be facing big decisions.

• For older generations, it’s important to look after your wealth for your own financial security – as well as the inheritance you ultimately want to pass on. It’s also helpful to think about more difficult future possibilities, like what would happen if one day you struggle to make decisions.
• For younger generations, it’s difficult to think about how you’d cope if a loved one passed away. But encouraging parents or grandparents to get their affairs in order can reduce a lot of potential future headaches.

Because the “great wealth transfer” is about more than money. At its heart, it’s really about legacy. The support and the clarity left behind.

And legacy works best when you talk about it.

A conversation worth having

The bonds you have with your loved ones are what truly matter. Talking about money – especially inheritance – isn’t easy, but it can actually bring you closer.

A short, honest chat can help everyone:

• clear up assumptions
• set expectations
• make smarter choices
• prevent confusion or disagreements later.

By making stronger legacy plans and talking them through together, everyone can be on the same page.

Younger generations can feel more confident about their goals and how much support they can realistically expect. Older generations can worry less about what the future might look like when they’re no longer here, as their wishes are more clearly known.

Start planning a stronger legacy

In order for the great wealth transfer to prove, well, great for you and your loved ones – there are five important areas to consider.

1. Make a valid Will

   Without a Will, the law decides who gets what, which may not match your wishes. It’s easy to set up, and worth reviewing every few years.

2. Understand whether Inheritance Tax might apply

   Inheritance Tax can take a big chunk out of what people hope to pass on. Planning ahead gives you more options – and often saves your family unnecessary cost and worry.

3. Nominate who you want to receive your pension

   Your Will doesn’t usually cover your pension. An Expression of Wish form tells trustees who you’d like to benefit, and it could give your loved ones more flexible and tax‑efficient options.

4. Put a Power of Attorney in place

   If you lose the ability to make decisions, someone you trust can act on your behalf. It’s a practical, caring step – and one of the strongest gifts of clarity you can give.

5. Share your plans

   There don’t need to be secrets, or a big reveal later. Letting loved ones know each other’s wishes, where things are kept, and who to contact can make an enormous difference. Especially during difficult times.

Not sure where to start?

We’ve pulled together helpful guidance and information on planning your legacy – including making a Will, planning to address Inheritance Tax, and setting up a Power of Attorney.

If you’re wondering whether your loved ones might face an Inheritance Tax bill, give us a call for a free initial consultation.