65% of beneficiaries will inherit more than £200,000

According to a survey by legal technology firm, Arken, the majority of beneficiaries can expect to inherit more than £200,000.

Arken surveyed more than 200 estate planning professionals to capture their experience of the estate planning industry and understand the challenges faced by those planning their legacy, and those set to inherit it.

Other key findings were concern among clients for how their beneficiaries would manage their inheritance, with over half of clients expressing doubts about the management of such a substantial sum. Furthermore, 48% said beneficiaries are becoming more reliant on their inheritance to manage their own financial plans, highlighting the importance of specialist advice.

Clive Barwell, Wren Sterling’s Head of Later Life Advice added: “Of course, some clients want to keep things confidential, and we will always respect that. However, if you are concerned about your beneficiaries becoming increasingly reliant on inheritance for their own financial plans, introducing them to your Financial Planner at the earliest possible point makes it easier for them to manage the wealth they will inherit.

 

“Wren Sterling’s approach is to group clients together as a family so the plans we make with one family member are made with the wider financial goals of the family in mind. This is particularly poignant when discussing inheritance, which can be a major source of friction if not managed professionally. We find the presence of an impartial expert helps manage expectations and unite the family around a single plan.”