The Great Wealth Transfer – Are UK Families Ready?

The transference of wealth has long been an important consideration for homeowners and retirees. Ensuring loved ones are taken care of through the passing of assets can provide financial security, helps to create and support opportunities, and can be beneficial for tax planning purposes.

The Silent Generation and Baby Boomers are in, or reaching, older age and retirement; both generations have benefitted from major economy growth over their lifetimes. As a result of this, more than 62% of those aged 65+ own their own homes outright, which is more than double the 55-64 age bracket (at 23% in 2025).

The same research highlights that property owned (without mortgages) by the over 60s is worth £3.84 trillion. Other financial assets, such as pensions, have also been favourable for the Boomer generation. With final salary pensions providing guaranteed incomes, they have benefitted from generous schemes from employers before this type of pension was phased out.

This record amount of wealth currently held by the older generations in the UK is in line to be passed down to Gen X and Millennials over the next two-to-three decades – The Great Wealth Transfer.

Financial experts estimate that somewhere between £5.5 trillion and £7 trillion in wealth will pass to the younger generations over this period; a process which has already begun. This means it is important to consider how your own wealth, or wealth you may receive in the future, is managed.

Why is The Great Wealth Transfer happening?

Baby Boomers and the Silent Generation are somewhere between entering retirement and reaching the end of their life expectancy. This means that naturally they are preparing to pass on their estates or explore inheritance options for their families and loved ones.

The numbers behind the transfer of wealth

By 2032, financial advisers predict that around £327bn will be inherited. This translates as a 100% increase in intergenerational wealth transfers compared to the previous decade. As previously mentioned, the next 20-30 years estimates that this will grow to around £5.5-7 trillion changing hands.

The challenges modern families are facing

Transferring wealth can be a complex process for several reasons. Evolving tax rules, multifaceted family structures, unprepared heirs and a lack of planning and/or communication can present multiple challenges. One of the most effective tasks you can complete to ensure your wealth benefits those you choose, is to work with a solicitor to write a Will.

Although The National Wills Report 2025 highlights that 56% of over 55s have made a Will, this still leaves 44% who have not. If a person were to die without a valid Will (intestate), not only would there be delays in administrating the estate, but the distributed assets may not reflect the wishes of the deceased, and those beneficiaries would not benefit from pre-planned tax efficiency strategies. With The Great Wealth Transfer in mind, it is highly recommended to consider how your estate would be affected by tax regulations.

In addition, communicating with relevant family and loved ones really helps to prepare heirs for what you have specified in your Will. Discussing inheritance intentions reduces ambiguity for beneficiaries, and you may wish to discuss any plans around gifting to ensure your loved ones receive optimum value from your estate.

The growing risk of inheritance disputes

In some cases, inheritance disputes can arise that can cause a great deal of emotional stress for all involved. With disputes at a record high (up 12.7% 2024 vs 2025), and the current value of estates, there is a likelihood that disputes will continue to increase.

Why making a Will is more important than ever

With the risk associated with disputes, the loss of value through tax implications and complex family structures, having a watertight Will is important to ensure your wishes are carried out, and your beneficiaries gain the most from your estate.

If you are considering creating a Will or want to update an existing one, our experienced Will writing solicitors are here to talk you through the options available and how to ensure your wealth is as tax efficient as possible.

Ensure your family is protected during your lifetime, make a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) in the UK is a person, or persons who have permission to act on someone’s behalf regarding their health and welfare, or financial and property affairs. Having an LPA is particularly useful if you become incapacitated or unable to make decisions for yourself; they are entrusted to act in your best wishes.

What families can do to ensure their legacy is protected

The key actions that families can take to make sure their legacy and their estates are protected, are:

Create a valid Will with the help of a solicitor
Select a Lasting Power of Attorney whom you trust to act in your best wishes should you need them to
Set up Trusts for loved ones to provide long-term stability
Asset protection actions can be taken to ensure tax efficiency, avoid disputes, and safeguard your funds against other expenses.

Contact Eric Robinson Solicitors to see how we can help you

Our solicitors are highly experienced in helping families manage wealth and plan effectively for the future. If you would like to explore the best options for you, or are due to inherit wealth and would like some advice, contact a member of the team at your closest branch: