Death is a subject many of us would rather not think about, which is why discussing what you would like to happen to your wealth when your time comes is rarely easy. Because it’s a conversation that’s often upsetting for everyone involved, more often than not the conversations don’t happen.
While this is understandable, not sitting down with your nearest and dearest to explain what you would like to happen with your wealth when you die could create unnecessary anxiety for them. Consequently, an already difficult time may become even more upsetting for them, as they’ll need to deal with the financial implications of your passing alongside the emotional impact.
This is why having difficult conversations with your family about your passing and how you would like your assets to be used is so important, even if it could be uncomfortable. That said, involving a financial adviser in the discussion could make things significantly easier for everyone.
In the week of International Day of Families, on Friday 15 May, we look at three powerful reasons to include your financial adviser in difficult conversation with loved ones. The day celebrates the role families play in building strong communities and highlights the social and economic challenges that many face.
1. Help to keep the conversation objective
Talking about your passing is likely to be charged with emotion, meaning friends and family may find it difficult to open up about their feelings and thoughts. As such, your objectives may not be achieved, which could result in confusion and disagreements regarding your estate and your wishes.
Additionally, the process of passing your assets to loved ones could take longer. For this reason, it’s important to try to keep the conversation as objective as possible and stay focused on the issues that need to be discussed.
While it’s important to be empathetic and understanding of your loved ones’ feelings, being able to move the conversation along and remain focused could help to ensure your goals are achieved. One way you could do this is to include your financial adviser in the discussion, as they’re used to talking to clients about mortality and intergenerational wealth planning.
This means they understand how to deal with difficult conversations in a respectful yet proactive way, so that all the areas you want to discuss are covered. As a result, loved ones are more likely to understand what you would like to happen when your time comes.
2. Ensure financial misunderstandings are avoided
The world of finance is complicated and all too easy to misunderstand. As a result, the financial implications of your wishes might be misunderstood by those closest to you, which could, for example, result in them facing an unexpected tax charge later on.
The risk of inadvertently leaving your nearest and dearest with an Inheritance Tax (IHT) liability could be significantly higher after April 2027. After this date the unused elements of pension pots will be taken into account for IHT calculations, which could significantly increase the amount of IHT your estate is exposed to.
This in turn could dramatically reduce the value of the assets you can then leave to your beneficiaries. Involving a financial adviser in your conversations means they’re on hand to explain the implications of your wishes to your beneficiaries.
In addition to this, they can offer alternative options that may be more tax-efficient or better suit your chosen beneficiaries’ circumstances. As a result, you’ll have peace of mind that when you do pass your wealth on, they will get the most from it.
3. Ensure all your assets are accounted for
Including your financial adviser in the conversation with loved ones could ensure you avoid an all-too-common issue that could cost your beneficiaries dearly: lost assets.
Without a full itinerary, your executors will need to search for your assets, which could create added anxiety and stress at an already difficult time. Worse still, it increases the risk of some assets being missed or lost, which could significantly reduce the amount of wealth you then pass on to them.
As financial advisers need to take a detailed record of your assets to give you the right guidance, they will have a complete picture of your estate before and after you die. This means they can then provide your executors with a clear breakdown of your assets, meaning they won’t need to search for bank accounts, investments and pensions.
Get in touch
As one of the UK’s largest independent financial advice companies, we understand how important talking to those closest to you is. We also know how important intergenerational wealth planning and understanding your options around mitigating Inheritance Tax (IHT) can be.
This is why our Independent Financial Advisers are qualified estate planners, and have a deep working knowledge around:
will writing
dealing with probate
mitigate an IHT liability
using trusts to protect wealth.
If you would like to discuss how we may be able to help you, please call us on 0333 010 0008 to arrange a no obligation initial meeting with one of our independent financial advisers.
Join us for our next webinar
As part of our commitment to help make the world of finance more understandable, we’ll be explaining how you could prepare your estate for the ‘Great Wealth Transfer’. Former BBC presenter Mark Foster will join AFH’s Chief Investment Officer, Austin Broad, as well as trusts and estate specialist David Magee.
In what promises to be an informative and engaging conversation, the three will discuss how to:
ensure your assets go to the people you would want them to
provide you with greater control over how your assets are used
protect your wealth for future generations
help reduce your loved ones’ future exposure to Inheritance Tax.
To register for The Great Wealth Transfer: using wills and trusts to protect your assets for your loved ones, taking place at 6pm on Thursday 4 June, simply fill in the form on this page.
15 May 2026