The pressure of spiralling living costs is a major concern among many UK households, with the vast majority looking to make significant lifestyle changes in response to price rises.
As many as a fifth (20%) of young Gen Z adults aged 18 to 24 say they have already made a Will[1]. Getting their affairs in order at such an early age compares favourably relative to the UK adult population overall, where just four in ten (40%) people have made a Will.
With wealth for millennials set to double in the next 20 years, it’s time to get over the awkwardness and have the conversation now. One of the main reasons why people don’t discuss their inheritance wishes is that they assume estate planning is not for them. That it is only necessary if you are very wealthy.
The days of working for a single employer for your entire career and retiring with a comfortable pension are largely gone. The responsibility for accumulating a retirement nest egg now rests with individuals as opposed to their employers.
Inheritance Tax is a tax on an estate (the property, money and possessions) of someone who’s died. Intergenerational planning helps you put financial measures in place to benefit your children later in life, and even your future grandchildren, but it’s important to start planning early.