Generational Wealth Planning Checklist
Work through these 10 essential steps to plan for passing wealth to your loved ones. Tick off items as you complete them.
0 of 10 items completed
1. Make or update your will
Ensure your estate goes to who you intend - intestacy rules may not reflect your wishes
2. Review pension and ISA beneficiary nominations
Ensure your nominations reflect your current wishes - these override your will
3. Review any existing trusts
Check trusts are still fit for purpose and beneficiaries are correctly named
4. Create a regular gifting strategy
Consider making annual gifts of up to £3,000 per year (and use any unused allowance)
5. Consider writing life insurance in trust
Removes payout from estate for IHT and provides quick access to funds for beneficiaries
6. Review use of nil-rate band
Understand how your nil-rate band (£325,000) is being used and plan to maximise it
7. Check eligibility for residence nil-rate band
If passing property to direct descendants, you may qualify for an additional £175,000 allowance
8. Maximise ISA inheritance for spouse or partner
The Additional Permitted Subscription allows tax-free ISA transfer to surviving spouses
9. Set up Power of Attorney
Ensure trusted people can manage your affairs if you lose capacity - do this while healthy
10. Have a financial review with an inheritance specialist
Professional advice can identify opportunities to save significant amounts in IHT
Next Steps
Once you have completed your generational wealth planning checklist, take these steps: