What you leave behind
Trusts, tax and, most importantly, talking to your family. Here’s how we could help you ensure your wealth fulfils your wishes for years to come.
Fees and charges apply for these services. Criteria apply.
hope for the best, prepare for the best
Working with your family to agree what happens to your wealth when you’re gone can be enormously rewarding.
Just imagine it. You and those closest to you create a shared vision for your money. You put the right plans in place to make it happen. And you have peace of mind in knowing that those you leave your wealth to will flourish from it and foster it for future generations.
It starts by discussing with your family what you all want from your wealth. That’s not always easy, but our experts are on hand…
here to help
Starting a conversation
We offer advice and guidance on how to have the best conversation with your loved ones about passing on your wealth. Our specialists can also support the actual discussion for some clients by running family workshops.
preparing the next generation
We could help you prepare those who inherit your wealth for the opportunities and challenges it brings. This includes a series of programmes covering entrepreneurship, financial awareness, and the social impact of wealth.
trusts, wills & inheritance planning
With your plan agreed, we could support you with the nuts and bolts to put it in place. Whether setting up a trust for your children, writing a will or planning for inheritance, including thinking about inheritance tax, our experts could advise you and put your plans in place.
Will your wealth reach your great-grandchildren?
Getting this right is an important part of preserving your wealth for your loved ones. It’s a well-known phenomenon that family wealth often fades through the generations. So well-known in fact, many cultures and countries have a phrase for it…
- in England, it’s “clogs to clogs in three generations”
- in Italy, “from stables to stars to stables”
- in Japan, “the third generation ruins the house”
No house needs to be left in ruin though, no stables inhabited. Families who discuss their ideas openly gain a sense of common purpose, and could see their wealth benefit many future generations by organising it accordingly.
Five steps to success
Our exclusive client research and extensive experience supporting families underpin this guide to good wealth planning.
1.
design your purpose and vision
All successful journeys start with a destination in mind. Where do you want your wealth to take you and your family?
2.
explore your values and concerns
Take the time to reflect on what's important to you in your life. How will you pass on these values to those who will inherit your wealth, and manage the issues you're most concerned about?
3.
determine what's fair and manage expectations
Balancing the expectations of everyone in your family can be tricky, particularly if their views are not in line with yours. Open conversations can help to shift everyone's point of view.
4.
Prepare the next generation
It's a good idea to get your family involved in the process. Deciding how much information and responsibility to give them during your lifetime, as well as guiding them towards further learning, involves delicate choices.
5.
develop and implement your plan
There are many ways to preserve your wealth to benefit future generations. The main advantage of starting to plan sooner rather than later is that it gives you the widest range of possible options and structures.
Key questions to ask yourself
Our specialist team in the Coutts Institute helps clients plan for passing on their wealth – or wealth succession as we call it. They can help you and your family tackle the big questions and issues, which include:
- when is the right time to pass wealth on?
- who gets involved in the decision-making?
- how much do you give and to whom?
Together we’ll draw out what’s important to you, clarify what you want to achieve and help you make the most of the opportunities.
Meet the team
RACHEL HARRINGTON
Rachel joined Coutts in 2011 and leads our specialist advice and client support on philanthropy, family wealth, business succession and educating the next generation. An Oxford University graduate, she is highly qualified and has 15 years’ experience which includes working in the non-profit sector. Rachel is also a trustee of the Coutts Foundation and manages its operations.
Email: rachel.harrington@coutts.com
STUART MAY
Stuart joined Coutts in 2012 and supports clients on philanthropy, family wealth, business succession and educating the next generation. He specialises in helping families develop a collective vision and strategy for their wealth. He also works with the next generation to help ensure they are responsible with their money. Stuart leads the Coutts Family Office next generation education programmes.
Email: Stuart.May@coutts.com
Sanna Ali
Sanna joined Coutts in 2019, having previously worked as a regulated mortgage adviser for NatWest and Barclays. Prior to joining the Coutts Institute team within the Coutts Family Office, she supported private clients with their lending needs. Within the Coutts Institute, she supports with philanthropy advice, next generation education, and family wealth succession for UHNW families. Sanna holds a BSc (Hons) in Environmental Science from the University of Reading and is CeMAP qualified from her previous work as a regulated adviser.
Email: sanna.ali@coutts.com
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Contact your private banker at any time or call +44 (0)20 7957 2424 for more information.
All calls with Coutts are recorded for training and monitoring purposes.
All calls with Coutts are recorded for training and monitoring purposes.
