For many, the prospect of passing on wealth to future generations is a significant motivation for carrying out financial planning. Knowing that your hard-earned nest egg is going to be used to help loved ones with major milestones such as going to university, getting married or buying a house can be extremely gratifying.

It has been suggested that younger people more and more expect to inherit money from family and potentially make some of their financial decisions based on this assumption.

This could lead to a shock further down the line if an expected inheritance doesn’t materialise for whatever reason – the unexpected costs of care, living longer than anticipated without any care needs are just two factors that can have an enormous impact.

Life doesn’t always pan out the way we want it to, but making a plan for potential outcomes is always sensible.

Managing the expectations of loved ones can be a difficult task, especially in uncertain times. A great place to start is by making a Will and explaining it to your beneficiaries. Again, this can be difficult and this is something we can help with. We can be on hand as a reassuring presence and also to explain any potentially more complex arrangements such as trusts.

We understand it can be daunting to talk to loved ones about money and it’s hard to know where to start. This can feel especially overwhelming if you don’t feel you have control of your finances.

We’re here to help you make a plan to protect your wealth and prepare for the future, whatever that may hold. If you would like to have a relaxed chat about your circumstances and whether we could help with your plans, including helping you to talk to your family, please don’t hesitate to get in touch.

To book a complimentary meeting with Richard to discuss your later life financial planning needs, please get in touch by calling 0117 3636 212 or email office@haroldstephens.co.uk.