You may have seen that inheritance has become a hot topic in the media recently as we enter an era whereby intergenerational wealth has become a phenomenon.
Interestingly, there seems to be a shift away from the traditional inheritance model with people looking for options and asking: How much is enough?
Do you save as much as possible and live frugally so you can pass it all onto your loved ones or do you activate your wealth and enjoy it before you go?
More and more people are wanting to spend time together with those that are important to them, using their money to enjoy experiences and create memories.
Experiences and relationships can bring so much joy and passing on your wealth then becomes more about a life well lived than money alone. Spending time with family across generations also allows for stories to be passed on with learning and understanding for both older and younger family members.
There has also been an upward trend in people leaving a proportion of their estate to their favourite charities.
It’s important to find the right balance and plan your wealth transfer strategy accordingly. By doing so, you can choose what’s right for you.
The need for sensitivity in this area is crucial and the approach needs to be thorough in determining what you value most and documenting the nature of your wishes.
It is key to have open and honest conversations so that those affected understand the decisions you’ve made.
Providing for the future of your multi-generational family can be complex, so reach out if you or someone you know needs help in this area.