Check with family when passing on

Can you talk to loved ones about wealth? Dr Benjamin Holdsworth shows why inheritance planning is about more than just tax.

Successful professionals like doctors are often fully aware of the need to consider how best to pass on their wealth to future generations. 

You may have already made detailed plans to transfer assets by setting up tools such as trusts, partnerships or charitable donations. 

Yet, many financial planners have seen that wealth transition can fail – not because of poor planning, but poor communication with loved ones. 

Often the head of the family will have paid attention to the logistics of preparing assets to be passed down, but spent little time preparing heirs for their future inheritance. 

Family members can be ill-equipped to shoulder new-found responsibility and surprise post-death gestures can generate negative standpoints based on a lack of trust.