Planning for your family's future

Generational wealth is the money, property, investments and other assets that a family builds, keeps or passes on over time.

Intergenerational wealth refers more specifically to money, assets or support moving between different generations of a family. This could include helping children or grandchildren during your lifetime or leaving an inheritance after you die.

In practice, both are about thinking ahead: protecting your own future, supporting the people you care about and making clear plans for what happens next.

Helping family can be rewarding, but it is important to consider your own future first.

There is no single right approach. What matters is making a decision that works for you and your family. Before making a gift or changing your plans, consider how long you may need your money to last. Think about your retirement income, any future health or care costs, whether you may need the money later, and how changes in your circumstances could affect your plans.

Talking about money, gifts and inheritance can feel difficult. You do not need to share every financial detail, but a conversation can help manage expectations and avoid misunderstandings.

You may want to discuss what matters most to you in later life, whether family support may be helpful now or later, where important documents are kept and whether your wishes are known.

You may be thinking about giving money to family now, leaving an inheritance later or doing a combination of both.

Start by thinking about what you need for your own future. This may include your retirement income, how long your money might need to last, possible care costs and whether your circumstances could change.

You can then consider what support might make the greatest difference to your family, whether that is a house deposit, education, childcare, day-to-day costs or a future inheritance.

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Some people choose to give money to family during their lifetime. This could allow them to see the difference their support makes, perhaps by helping with a first home, education, childcare or another important life event.

Before making a gift, think about whether it remains affordable if you live longer than expected, need additional care or experience a change in income or circumstances.

The tax treatment of gifts can vary. It is important to understand the wider financial, legal and tax implications before acting. You do not have to do this alone. A financial adviser can help you consider your options.

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Some people are supporting adult children whilst also helping ageing parents or planning for their own retirement. This can create pressure on household budgets and make it harder to know what support is affordable.

You do not have to solve everything at once. Start by understanding your own financial position, talking openly with family where appropriate and prioritising the decisions that matter most now.

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Conversations about money, gifting and inheritance can feel uncomfortable. But talking early can help reduce uncertainty, manage expectations and make it easier to plan together.

You do not need to share every financial detail. A useful starting point may be to discuss what matters most to you, what support might be helpful, where important documents are kept and who should know about your future wishes.

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