Leave a lasting legacy
At Quilter Cheviot, we help you to successfully transfer your wealth and leave a legacy through succession planning. Every family will, one day, navigate the complexities of succession planning. Not all families or individuals are prepared, but those who plan their succession with financial planning professionals will often face fewer obstacles and ensure their wishes are fulfilled after death.
What is succession planning?
Succession planning is a comprehensive strategy for efficiently transferring wealth from generation to generation within a family. It includes identifying and developing suitable successors, estate planning, contingency measures, wealth transfer strategies such as trusts and gifting, defining governance structures, and fostering open family communication. Quilter Cheviot provides professional expertise to navigate the complexities of succession planning effectively. Please be aware succession, estate & inheritance tax planning is not regulated by the Financial Conduct Authority. Also, tax treatment varies according to individual circumstances and is subject to change.
The benefits of succession planning
Continuity and preservation of wealth
Succession planning ensures a seamless transfer of assets and leadership. It minimises disruptions and preserves family wealth across generations.
Tax efficiency and cost reduction
Strategic wealth transfer strategies and estate planning help minimise tax liabilities and expenses, optimising the value of assets passed on to the next generation.
Minimises conflict and disputes
By clearly defining roles, responsibilities, and decision-making structures, succession planning reduces potential conflicts among family members, helping to promote family unity.
How we successfully transfer your wealth
No matter how complex your circumstances are, we will provide solutions to protect and maximise the wealth you or your family accumulates and address potential tax and legal considerations.
Estate planning
Estate planning involves creating a comprehensive plan outlining how your assets will be distributed. It may include the creation of wills, trusts, and other legal instruments to facilitate the transfer of assets while minimising estate taxes and avoiding probate.
Inheritance tax planning (IHT)
IHT involves strategies to minimise inheritance tax liability, preserve wealth, utilise trusts and gifting, and ensure efficient transfer of assets to chosen beneficiaries while complying with tax laws.
Gifting strategies
We may recommend gifting strategies to transfer wealth during your lifetime. Gifting can reduce the size of your estate for tax purposes and allow you to see the impact of your generosity.
Insurance planning
Life insurance and other insurance products can play a role in succession planning by providing liquidity to the estate, covering estate tax liabilities, and ensuring that beneficiaries receive specific financial support.
Education and communication
Preparing the next generation to manage and preserve the family's wealth is crucial. We recommend education and communication strategies to help beneficiaries understand their responsibilities and prepare them for the inheritance.
Business succession planning
For clients who own businesses, an essential part of succession planning is developing a strategy for passing on or selling the business to the next generation or a suitable successor.
Our succession planning process
Your circumstances when transferring wealth will differ entirely from someone else's. Whether it's straightforward or more complex, we take the time to understand your needs - whom you want to inherit your wealth, when you want to transfer, and any specific conditions or restrictions you wish to apply. Understand more about our robust advice process for all financial planning.
Get your complimentary initial consultation
Whatever stage you’re at, get a complimentary initial consultation to understand if our succession planning service is right for you.
