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Successful Intergenerational Wealth Management

It is exciting that on average, life expectancy is increasing, but this change does come with the financial pressure of sustainability and the need to make money work harder for longer, in order to support yourself and your family. 

This is where intergenerational wealth management comes into play. This is the strategic planning, preservation, and responsible transfer of wealth and assets across multiple generations within a family or a designated group. This approach involves careful consideration of financial, tax, and estate planning strategies to ensure the long-term well-being of family members while preserving and potentially growing generational wealth. 

Strategies for Success

Intergenerational wealth management is necessary today because it supports the family in real-time while also enabling wealth to pass through generations.  

Communicate with Family

To ensure intergenerational wealth is maintained, encourage open and transparent conversations about financial matters, goals, and responsibilities with your family. Use this communication to educate family members on financial responsibility, investment principles and your intergenerational wealth management strategy.  

Create a Family Mission Statement

Outline the core values, financial goals, and long-term vision of your family and share it. Refer to this statement when making decisions and allocating resources to ensure that everyone is on the same page.

Financial Planning

Financial planning can help determine the best ways to save money in a way that is accessible for expected and unexpected life events. Intergenerational financial advisers can help you develop a comprehensive financial plan that considers the long-term financial needs and goals of each generation. This may include retirement planning, investment strategies, and tax-efficient wealth transfer.

Estate Planning

Develop an estate plan that outlines how assets will be distributed among family members and generations. This can include wills, trusts, and other mechanisms to ensure a smooth transfer of wealth and minimise potential conflicts.

Documentation and Record-Keeping

Maintaining thorough records of financial accounts, estate planning documents, and any other relevant paperwork is essential. This will make it easier for future generations to manage affairs, follow your wishes and work to continue your wealth and legacy.

Review and Update Plans

As with any financial planning, intergenerational wealth management should be an ongoing process. Regularly review and update your plans to reflect changes in circumstances, family dynamics, and goals.

Speak to our Intergenerational Financial Advisers

As intergenerational wealth consultants, we are experts in helping families create plans that allow wealth to pass onto generations, while also providing financial help when needed. Our team can help you and your family with shorter-term financial security such as helping loved ones get on the property ladder or setting up an investment plan for younger family members., or with long-term arrangements like estate planning, inheritance tax planning or setting up trusts. 

If you are looking for help with intergenerational wealth management, contact our friendly team today. Call us on 01202 695801 or complete our contact form to arrange a no-obligation meeting.  

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested. 

Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills and Trusts are not regulated by the Financial Conduct Authority. 

Written By Bodie Dove

Chartered Financial Adviser

Lester Brunt Wealth Management

Lester Brunt Wealth Management is a trading name of Lester Brunt Wealth Management Ltd

SJP Approved 20/03/2024