Receiving a legacy

Receiving a legacy can have a significant impact on your life. Even if you've known for some time that you will be receiving it. You may have mixed feelings, especially if it comes after the loss of a loved one, which can often come with an overwhelming sense of responsibility. If it's unexpected and you're not ready to receive the assets, you might feel unsure how to manage them. Whatever your response, you may feel that a legacy comes with more strings attached than money you've earned yourself.

We live in a culture where often people don't like to talk about death. It's surprising how many people from all backgrounds, including the very wealthy, haven't written a will. According to unbiased.co.uk less than 40% of the British population has a valid will in place. Like every process, probate runs smoother with some planning – encourage even younger family members to get their affairs in order.

What to consider when receiving a legacy

• How can I incorporate the legacy into my overall financial plans? Whenever your financial circumstances change, it can be a good idea to review your financial plan. Our financial planners can help you think ahead and make recommendations that match your priorities. You may seek to preserve the capital for future generations, keeping it separate to your main funds, or you might think of it as an added bonus that you can invest with higher-risk strategies.
• Will the legacy affect my tax position? An injection of capital might mean you need to rethink your tax management. Relief may be available, such as business property or agricultural relief, which may positively affect your overall tax position. Our tax advisers are on hand to review your new situation and reinforce structured relief that can protect your assets.
• Nurturing good communication between family members can make the process of transferring wealth a lot smoother. Some families or groups meet to examine options for the future to protect assets, and we can facilitate this. In an era where many reject traditional patterns of inheritance by the eldest male, we can suggest a variety of options to retain assets shared among siblings or a group. Selling the house or business and dividing the proceeds isn't necessarily the only option.

How we work with you

Bespoke approach
Our advice is tailored to your circumstances. Even though we're highly experienced in dealing with receiving legacies, we understand every situation is unique.

Positive governance
We can provide strategic advice to encourage positive relationships and communication between beneficiaries.

Financial planning
Our financial planners can assess your changing situation and help take the stress out of managing your finances.

Personal lifetime modeling
You can visualise your financial plan through informative graphics, and explore options for changing and influencing it.

Investment management
Our investment managers are experts at finding opportunities appropriate to your changing situation and goals.

Trustee services
We can advise trustees or act as trustees or executors of the estate after death.

Tax management
Our tax managers offer advice on all aspects of tax, including reliefs available, and the calculation and payment of inheritance tax.

Administration
We can take care of setting up and administering your plan.

Holistic approach
If you're receiving a legacy, engaging with a financial planner, investment manager, and a tax adviser could help. At Smith & Williamson our people offer integrated personal wealth management services to help our clients