Legacy and succession planning

Succession planning involves passing on responsibilities within your family or business. The legacy you leave is your values, accomplishments and wisdom. Finding a balance between the two can ensure a smooth transition and build upon the foundations you have laid.

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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.


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.

Managing inheritance tax

The value of cashflow planning

By using cashflow modelling our wealth planners can advise on strategies and techniques that can reduce the size of your estate – which may be beneficial for UK inheritance tax purposes.

  • The benefits of estate planning

    Estate planning helps to organise your financial affairs to ensure your wealth is managed, distributed and transferred according to your wishes when you die.

  • Estimating future tax liability

    Using analysis tools, we can help anticipate the amount of inheritance tax you may be liable to pay, and we can work with you on options to mitigate these liabilities.

  • Enjoying your wealth more while you can

    You can’t take it with you when you go, so we’ll explore ways you can afford to enjoy your money while you still can.

Frequently asked questions

Nedbank Private Wealth

Why is succession planning necessary?

Succession planning provides stability and certainty for high net worth families across the generations. It ensures that family wealth is preserved and passed on efficiently.

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.
Lifetime gifting

A simple way to reduce the size of your estate

Among other benefits, gifting can be a way to reduce your estate during your lifetime, which could be advantageous for UK inheritance tax purposes. But there are a number of rules that apply.

There are also a number of allowances, such as gifting to loved ones or charity. However, these can be quite complex. Our wealth planners can help work through what may be best for your circumstances.

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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.

Related case studies

Read about more clients we have helped

We have helped countless 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.

Get in touch today

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

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Frequently asked questions

Nedbank Private Wealth

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.

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.

What is a wealth plan?

A fully bespoke wealth plan is an in-depth view of your financial situation both now and in the future. It includes cashflow planning as part of the analysis.

What are the benefits of cashflow planning services?

Reassurance you have enough money to last your lifetime and also a realistic picture of what you can afford to do with your wealth.