Succession Planning: Why Intending Isn’t Enough

A recent YouGov survey on the future of wealth transfer revealed that more than a third (35%) of UK adults aged 50+ intend to make a succession plan but haven’t yet. The findings highlight a common issue we see in practice: many people know the importance of planning but delay taking action.

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A Nation of Good Intentions

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The survey also found that 69% of respondents think it is a good idea to have a family discussion about wealth planning during their lifetime. This shows a willingness to engage in conversations about the future, but the gap between good intentions and actually putting plans in place remains significant.

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When Plans Are Left Too Late

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In practice, failing to plan often leads to unintended consequences, only uncovered after death or loss of capacity. Without proper arrangements, families can face:

• Assets passing to unintended beneficiaries due to no Will, or an out-of-date Will
• Higher tax bills where tax-efficient structures or lifetime gifting were not used
• Disputes between family members due to lack of clarity or communication
• Assets leaving the family entirely, for example through divorce or bankruptcy
• Complicated and costly legal/tax issues for assets held abroad (including between UK jurisdictions)

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Two Groups Most at Risk

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The survey results highlighted two groups in particular:

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Older adults – Surprisingly, over a fifth (21%) of those without a plan but intending to make one were aged over 75. At this stage, opportunities for effective planning reduce significantly, as long-term strategies like gradual gifting are no longer possible. Plans made late in life may also be more vulnerable to challenge from disappointed beneficiaries.

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Parents of young children – More than half (54%) of respondents without a plan had children under 18. For parents, a Will is critical to appoint guardians and set out intentions should the unexpected happen. Flexible structures can allow plans to evolve as children grow, but delaying leaves families exposed.

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Turning Intention into Action

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The risk of “I’ll do it later” is that later never comes. Wills, powers of attorney, and succession arrangements for family businesses too often sit at the bottom of the to-do list. Yet even a simple, flexible plan is usually far better than no plan at all.

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The clear message from both the survey findings and everyday experience is this: don’t wait. Taking action now provides certainty, reduces risk, and protects loved ones—whatever stage of life you’re at.