With a remarkable sense of timing (you may have heard some whispers of a Royal baby recently) Coutts has done some in-depth research into the inheritance and succession plans of Britain’s high net worth families. With £1 trillion due to be passed down to the next generation over the next 20 years, it’s a pretty big deal. And yet many parents are failing to protect their wealth by not planning ahead: 58% of HNW families don’t have an up-t0-date will; 37% of families row over inheritance; one in five keep their kids in the dark about the metaphorical/real family silver.
Coutts’s Breaking the wealth taboo: making succession a success report reveals that Britain’s millionaires are not being proactive enough when it comes to protecting their wealth for future generations. The survey, which collates the views of 270 millionaires – those with at least £1m in liquid assets – reveals that while one third (37%) admitted to suffering serious