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Creating your legacy plan

For high-net-worth individuals with complex and diverse finances and assets, legacy planning can provide a tax efficient way to transfer ownership. At Nedbank Private Wealth, we help clients protect and preserve family wealth giving you peace of mind that your family’s financial future is secure.

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Legacy vs inheritance

Is a legacy and inheritance the same?

Your legacy is the impact you make on those who outlive you and the mark you leave on the world. It can include gifts or possessions, such as your business, money or property, but it’s more about your values and the family traditions you leave behind. Inheritance, on the other hand, is far more tangible and concerns the distribution of your wealth and the material possessions you pass on to your family or loved ones after your death. Both concepts are linked, as the values forming your legacy often play a role in your inheritance planning.

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Philanthropy

Generously giving your time and money to help improve the lives of others

  • A more structured approach

    Unlike ad hoc charitable donations, philanthropy takes a more structured approach to charitable giving. It’s more strategic and has a defined purpose. It aims to achieve tangible results over a longer period.

  • The art of giving

    Philanthropy can be integrated into your succession planning to ensure your values are passed down the generations. By incorporating charitable giving strategies, such as foundations or trusts, you can pass on your legacy while benefiting the causes you care about. This approach can foster a sense of purpose and align financial success with social impact to create a meaningful and enduring legacy, above and beyond the financial inheritance you leave.

INTERGENERATIONAL WEALTH TRANSFER

Preserving family values across generations

Legacy planning involves identifying tax-efficient structures to transfer wealth with strategies that are aligned to your family values. By planning ahead, your family can avoid disputes and assets are protected.

  • Educating the next generation

    By setting up a legacy plan, you can provide financial education to family members, involving them early on to build confidence and ensure long-term stewardship of family wealth.

  • Family governance structures

    Your family can set clear frameworks to follow for decision-making regarding managing wealth and assets. Structures such as family councils, trusts or governance policies can reduce conflict.

  • Documenting your legacy and vision

    When you have clearly documented your personal wishes through letters of wishes, wills and family governance documents, it provides clarity on how you wish wealth to be managed and preserved.

Frequently asked questions

Nedbank Private Wealth

Will I need to pay inheritance tax?

In the UK, inheritance tax may be payable on your estate following your death. However, certain allowances apply so it’s important to seek professional tax advice.

When do you have to pay inheritance tax?

UK inheritance tax bills should be paid within six months of the recorded date of death, to avoid interest being charged on the amount due.

How can I reduce the inheritance tax bill?

A wealth planner can advise on ways you can reduce the inheritance tax charge. These could include gifting, setting up structures or making charity donations.

What is a trust?

A trust is a legal arrangement for managing your assets (such as, money, investments, land or buildings) for the benefit of others.
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BUSINESS LEGACY PLANNING

Planning the transition of business leadership and ownership across generations

Business legacy planning provides support to the next generation or successor, outlining clear plans for roles and helping to maintain stability. These services include a business valuation and build tax considerations into succession planning to provide long-term protection of the business. Business legacy planning also helps to prepare the future leaders for their new responsibilities.

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Questions of trust

Trusts are another efficient way to pass on your wealth

The use of certain structures such as setting up a trust for your loved ones, can be an effective way to pass on your wealth. In doing so, they may no longer form part of your estate. However, you can still retain some influence over how your assets are managed and who benefits such as through the use of Trusts or Family Investment Companies.

Quest for Legitimacy

A hard act to follow

The quest for legitimacy explores how a legacy of success and wealth can weigh heavily on the generations that follow. A life of privilege can be a double-edged sword and bring challenges along with the benefits. This is a topic that’s rarely discussed but can have a huge impact on prominent and wealthy families. Developing a succession plan with a wealth planner can open up the conversation and help to ease the pressure, to assist the next generation with establishing their own place in the world.

Quest for Legitimacy
Related case studies

Read about more clients we have helped

We have helped countless high-net-worth clients with their financial needs – some straightforward, some complex. Our bespoke approach, where we really get to know our clients, allows us to offer solutions that other wealth planners and private banks aren’t able to.

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Get in touch today

Find out how we can help you. Call +44 (0)1624 645000 or email [email protected]

Request callback Call now

Find out more about our teams in the UK, Isle of Man, Jersey and Dubai here

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Frequently asked questions

Nedbank Private Wealth

How can I preserve my wealth?

Incorporating retirement planning, estate planning and tax-efficient options into your wealth plan can help to preserve your wealth.

How can I protect my assets from future claims?

Assets can be protected from future claims through structures such as trusts, business structuring, legacy planning and taking out insurance to protect against certain claims.

Should I create a will as part of my legacy?

Yes, writing a will is a key element of legacy planning, providing clarity around estate distribution and reducing the likelihood of disputes.

What role do trusts play in legacy planning?

Trusts can provide a tax-efficient structure for transferring wealth onto future generations while protecting and preserving assets.