Intergenerational Wealth

Typically we tend to leave our estates to family members such as our children and grandchildren and depending on their own financial situations they may not be prepared for this wealth. Research conducted by Octopus, showed that less than half of adults (aged 30-60) with retired parents are confident they know what they are set to inherit. However, only 1 in 10 knows who their parents Solicitors are and 1 in 5 have no idea if their parents have a financial adviser.    

Although this can be a difficult subject and one which can cause conflict within a family, it is important that you make your beneficiaries aware of what they could be inheriting as you approach your later years, especially as 86% of adults aged 30-60 do not have a financial adviser. Being made aware of what they could potentially inherit will enable them to prepare for this and take professional financial advice where necessary.

At Philip J Milton & Company Plc we believe that introducing clients’ intended beneficiaries to their financial adviser is important to enable a relationship to be built prior to receipt of their inheritance. This ensures that when the time comes for the beneficiaries to receive their inheritance, they can receive support and appropriate advice on how the inherited funds should be managed, rather than making any irrational decisions. Many may feel that simply encashing all investments and assets is the way forward, although this is not always in the beneficiary’s interest. Therefore, advice should be sought.

For those who invest in our own Discretionary Managed Investments, we can provide those beneficiaries who inherit these investments with appropriate advice taking into consideration each individual beneficiaries own needs, objectives and risk profile.

If you are already a client with us and wish to introduce your beneficiaries to the Company to enable them to benefit from our services or if you are a new client and wish to obtain advice for you and your family members, please contact the office and speak to one of our highly qualified Advisers.