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Barclays Wealth InsightsVolume 14: The Transfer of Trust
Wealth and Succession in a Changing World
In co-operation with Ledbury Research
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ForewordAbout Barclays Wealth
Barclays Wealth is a leading global wealth manager, and the UKs largest, with total client assets of 170bn, as at
www.barclayswealth.com
Follow us on www.twitter.com/barclayswealth and www.twitter.com/wealthinsights
Barclays Wealth does not endorse any website or third-party company referenced in this article. Such discussions
are for informational and discussion purposes only.
About this report
Barclays
Wealth Insight
to transfer that wealth in the future.
For information or permission to reprint, please contact Barclays Wealth at:
or email [email protected]
Wealth this is the core of our business. As the global economic landscape changes and so too does the shape and
The Transfer of Trust: Wealth and Succession in a Changing World, the fourteenth
Barclays Wealth Insights
Insights an interesting and inspiring read.
Thomas L. Kalaris
Barclays Wealth
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Peter Collett
Shaunaka Das
Marcus Dearle
Niall Glynn
Catherine Grum,
Emily Haisley
Sue Medder
Gareth Morrell
for Social Research
Dr Wendy Piatt
Shimon Takagi
Professor Orit Tykocinski
Richard Watson
Introduction
an afterlife. Whilst some of their architectural legacy has
Whilst we may still be concerned with the le gacy we
a successful life.
management process, and is also one of the most
consideration in succession planning, such as family and
best connect. Today, responsible succession planning also
whether their children will be good custodians of wealth,
to ensure their personal happiness and success.
To shed some light on this area globally, Barclays Wealth
to help interpret the results.
Our aims were to:
that can be associated with this.
necessary arrangements.
and trusts.
generation and how that generation should best
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Wealth and happiness:
relationship between income and one measure of
there is a stronger relationship between wealth and
happiness when it is earned, rather than inherited.
Wealth can beget family conflict: Some 40% of high
The importance the wealthy place on succession
planning does not increase with age:
importance of succession planning by high net worth
with age. Instead, it is most important in the earliest
and the latest age categories. Our analysis shows that
sale of a business. After retirement, high net worth
succession, as they enjoy a stage in l ife where they
are able to place more emphasis on their own needs.
Wills and disinheritance: Our research shows that 23%
of high net worth respondents around the world do not
The gender gap:
worth women say they place less importance on
order assume more importance.
Trust is a key element:
not trust their children and stepchildren to protect their
economies appear to trust their children less to protect
their children less.
Words of wisdom:
economic turbulence. This is consistently important
the scale and unrelenting economic problems we face.
technology, mathematics and science. Their top choice
do not trust their children and stepchildren
to protect their inheritance. There are trust
issues in all the major regions; generally
children less than in emerging countries.
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of their personal and business assets to their children.
The transfer of their material, income-generating
creations to their human, cost-incurring ones, can be
Succession,a crucial wealth
challenge
Yet it is something that increasing numbers of wealthy
economies. Indeed, inheritance is a more important
result all aspects of inheritance planning in these areas
are coming to the fore.
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which, in turn, a re often learnt from their own parents.
generation than those in emerging countries.
Values are also passed down by parents
the wealthy do not follow them as ardently in all things.
for them to follow in the footsteps of their parents in
terms of their careers or businesses.
important to follow in their parents footsteps. Shaunaka
Das
of ones family and ones obligations to them.
parents footsteps is a priority. In these regions, especially
of entrepreneurialism in these geographies, with
entrepreneurialism and willingness to follow in
parents footsteps.
Chart 1 Source of Wealth
* % selecting Main source of wealth (multiple options allowed)
Source: Ledbury Research
Inherited
% Selecting each option*
Entrepreneur
Earned
0 20 6040 80 100
18%
29%
15%
37%
59%
Developed
Emerging
51%
Singapore 51%
Ireland 53%
Monaco 64%
Spain 60%
Switzerland 63%
UK 57%
US 66%
Australia 62%
Hong Kong 41%
Japan 39%
Qatar 55%
South Africa 60%
UAE 68%
Chart 2 Personal Values
Total 59%
Saudi Arabia 78%
India 74%
* % who slightly agree or c ompletely agree with the statement My values are very similar to my parents values
Source: Ledbury Research
% Agree*
0 20 6040 80 100
Ireland 9%
Monaco 35%
Spain 22%
Switzerland 8%
UK 8%
US 12%
Qatar 49%
UAE 14%
South Africa 17%
Australia 9%
Hong Kong 35%
Japan 18%
Singapore 21%
Chart 3 Following in Parents Footsteps
Total 20%
Saudi Arabia 56%
India 81%
* % who slightly agree or completely agree with the s tatement It is important to me to follow in the footsteps of my parents in terms of career/business
Source: Ledbury Research
% Agree*
0 20 6040 80 100
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and emotionally. Research into happiness is a growing
Most people are sceptical of the idea that money leads to
happiness, but recent studies clearly show that money
and income.
between income and one measure of happiness:
wealth is important. Financial happiness is more closely
Emily Haisley,
on health, freedom, satisfaction, etc., there is the worry
accomplish this, he has strictly limited the amount of his
own fortune that his children will inherit. UK businessman
of simply transferring large-scale wealth to his children,
and instead has reportedly put in place a scheme that
The Times
Catherine Grum
Wealth specialising in succession planning, notes that
such concerns are common amongst clients, and that
there are many things which parents can do
to foster ambition within their children.
something under their own
through a third party such as a
Money really can lead to happiness
no matter which country you are in. So a 10% rise in the income of
as a 10% rise in the income of someone in the United States
Justin Wolfers, NPR Planet Money progr am, March 8, 2011
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share of the wealth. Amongst children, there may be
death of a parent. Where there are multiple spouses,
there may be those who feel entitled to more from
the estate, based on their contribution in creating it.
logical arguments and more emotional ones
but emerge after their deaths.
Sue Medder
notes that the multi-faceted family structure has certainly
from different marriages competing, not just against each
Total 40%
500,000 999,999 42%
250,000 499,999 38%
Under50,000 46%
2m-5m 38%
1m-2m 40%
5m-10m 42%
50,000 99,999 42%
100,000 149,999 40%
1m or more 33%
10m+ 46%
150,000 199,999
39%
200,000 249,999
33%
0
Source: Ledbury Research
% Agree*
20 6040 80 100
Net Worth
Income
But it decreaseswith income
Conflict increaseswith net worth
Total 40%
Hong Kong 51%
US 36%
India 61%
Japan 47%
Singapore 53%
South Africa 43%
Spain 47%
Switzerland 28%
Monaco 51%
UAE 32%
Australia 44%
UK 37%
Ireland 33%
Saudi Arabia 38%
Qatar 12%
Source: Ledbury Research
% Agree*
0 20 6040 80 100
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Peter Collett suggests that there may
be something more general about the nature of the
Sue Medder notes that
there is an entire baby-boomer generation who are
The transfer of family businesses from one generation
as seen by respondents in India who say it is important
to follow in their parents footsteps, but also report
Niall Glynn
amongst multiple families.
Amongst our respondents, we found that those who
Emily Haisley
accepted as fair that people should reap the rewards
that is inherited are more ambiguous and can trigger
Catherine Grum
business, the planning process starts months or years
surprise. Yet when passing wealth within families, this
too late, and when the patriarch or matriarch is no
longer around and no plans are in place, the dynamics
whether or not the wealthy thought that inheritance
Latin America, as well as the UK and Ireland. This high
response rate illustrates the belief amongst parents that
wealth is a double-edged sword that brings problems
India 50%
Chart 6 Burdens of Inheritance
Total 29%
Switzerland 15%
Hong Kong 38%
US 21%
Ireland 35%
UK 35%
Monaco 14%
UAE 18%
Qatar 20%
Singapore 36%
Spain 14%
Japan 32%
Saudi Arabia 22%
Australia 20%
South Africa 24%
* % who slightly agree or completely agree with the s tatement Inheritance places an unnecessary burden on the next generation
Source: Ledbury Research
% Agree*
0 20 6040 80 100
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planning is deemed to be in this transfer process.
Still, the inheritance cycle continues
Is an inherited dollar any different than an earned
Academics Professor Orit Tykocinski from the
presence, although symbolically, of the person who
their other wealth.
by the personality and lifestyle of the deceased, and
money becomes highly associated with the person
to imagine that theyd inherited money from an aunt
The researchers speculate that these effects probably
to properly research this.
Emily
Haisley
such as how close they were to the person who left
building good relationships between generations
Money with personality
India 1%
Chart 7 Passing Assets on to the Next Generation
Total 4%
Switzerland 4%
Hong Kong 5%
US 3%
Ireland 2%
UK 6%
Monaco 2%
UAE 2%
Qatar 2%
Singapore 5%
Spain 5%
Japan 11%
Saudi Arabia 6%
Australia 2%
South Africa 0%
* % selecting the statement I dont believe any assets should be passed on to the next generation as the best match for how they feel about i nheritance planning
Source: Ledbury Research
% Agree*
0 42 86 10 12
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dramatically, but it is interesting that more than 60% of
this idea has resonance right across the world.
successofsuccession
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need for thorough planning. This fact is now generally
appreciated amongst the worlds wealthy, with more
than half agreeing that succession planning is important.
A similar pattern is seen amongst those with higher
therefore are at more of a distance to planning matters
Religion also appears to play a role here. Those who
Shaunaka Das
and businesses within the family grouping is particularly
India and the ancient system of delegating duties a nd
* Mexico and Brazil
** South Africa
*** US
Source: Ledbury Research
Total 61%
% Agree****
0 20 6040 80 100
NorthAmerica*** 54%
Europe 67%
LatinAmerica* 85%
Middle East 58%
Africa** 74%
Asia 55%
Chart 9 Importance of Succession Planning
* Mexico and Brazil
** South Africa
*** US
Source: Ledbury Research
Total 57%
% Agree****
0 20 6040 80 100
NorthAmerica*** 51%
Europe 57%
LatinAmerica* 73%
Middle East 75%
Africa** 72%
Asia 55%
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contrasts. The importance of succession planning does
not increase on a straight-line basis with age, as some
between age and the importance of succession
planning. As chart 10 shows, it is most important in
the younger and the older respondents. We analysed
months include marriage, the purchase of property
things that will happen in the future are more important
are generally less concerned as they enjoy a stage in life
where they are able to place more emphasis on their
own needs.
succession planning for all ages of the wealthy
population is the purchase of property. Catherine Grum
Gareth Morrell, Research Director
importance of succession planning in the minds of
InsightsRisk and Rules: The Role
of Control in Financial Decision Making
Catherine Grum
With succession planning, these catalysts are often
step toward this goal; the succession-planning
Different ages, different priorities
succession planning is perhaps the one where you
importance to family dynamics and the future welfare
of the children.
From our research, it appears that women place
less importance on succession planning than men
lessening in younger generations. Younger women are
becoming much more engaged in succession planning.
Chart 10 Importance of Succession Planning for Different Ages
Source: Ledbury Research
%A
gree*
Age
Under 35 35-44 45-54 55-65 Over 65
70%
50%
52%
54%
56%
58%
60%
62%
64%
66%
68%
Chart 11 Use of Wills*
Asia
Europe
57%
34%
88%
81%
Male
Female
NorthAmerica**
94%
93%
MiddleEast
50%
77%
* Africa and Latin America have been excluded due to low samples.
** US
Source: Ledbury Research
% of respondents who currently have a will
0 20 6040 80 100
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importance that the wealthy place on passing on assets
wealthy people can best accomplish the transfer of assets
children and stepchildren when it comes to money
across the world, 34% of respondents are either
to protect their inheritance. Read in isolation this number
can earn their parents trust, and some parents will
The dos and donts,willsand wonts
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These concerns relating to recipients are part of a much
transfer their wealth. Amongst other things, a failure
fragmentation of assets and needless erosion of wealth.
respondents agreed that deciding on an inheritance plan
Catherine Grum
tell you more in one hour than you could learn on the
marriage tend to trust their children more, and
generally those with stepchildren trust less: 47% of
those with stepchildren do not trust their heirs to
protect their inheritance, compared with the global
* US
** Mexico and Brazil
*** South Africa
**** I trust my children/stepchildren to protect their inheritance
Source: Ledbury Research
Total 34%
% who do not agree with the statement****
0 20 6040 80 100
NorthAmerica* 38%
Europe 37%
LatinAmerica**
25%
Middle East 22%
Africa*** 23%
Asia 31%
* South Africa
** US
*** Mexico and Brazil
**** % who slightly agree or completely agree with the statement Deciding on an inheritance plan for my children/stepchildren requires a great deal of professional advice
Source: Ledbury Research
Total 63%
% Agree****
0 20 6040 80 100
NorthAmerica** 68%
Europe 65%
LatinAmerica*** 49%
Middle East 55%
Africa* 85%
Asia 61%
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There are a number of different ways of going about
spell out how part or all of a deceaseds estate must be
such as in France, Spain, Italy and Latin America.
and the family reaches consensus on how assets will
and sometimes all the property may go to the eldest
Japan. Shimon Takagi
They capture thoughts at only one moment in time and
in most countries they are public documents, meaning
accessible to anyone.
Wills are the classic option for the wealthy
Trusts are an increasingly popular option for the wealthy.
heirs manage wealth. The trustees can be empowered to
also become a standard part of estate planning. In other
trusts, particularly for assets outside the country.
can often form an important role in estate planning
deceased was asset-rich but cash-poor. One particular
the others life; if one were to die, then the other could
the deceaseds family and increasing their own
business holdings.
India 78%
Chart 14 Use of Wills
Total 77%
Switzerland 70%
Hong Kong 46%
US 94%
Ireland 89%
UK 93%
Monaco 71%
UAE 62%
Qatar 22%
Singapore 68%
Spain 66%
Japan 13%
Saudi Arabia 84%
Australia 98%
South Africa 96%
Source: Ledbury Research
% of respondents who currently have a will
0 20 6040 80 100
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marriage/new partners and birth of a child.
The importance of these different factors changes
respondents whilst the purchase of property and
Gareth Morrell,
Research Director in the Society and Change Team at
importance of letting those who are affected by will
mortality, part of the reason for the low rate of will
happening is fairly similar across the world, with people
* US
** Mexico and Brazil
*** South Africa
Source: Ledbury Research
Main reason that prompted
Total EuropeNorth
America*
Latin
America**
Middle
EastAf ri ca ** * A si a
Increase in wealth 18% 18% 28% 17% 18% 27%
18% 23% 11% 7% 22%
Marriage/new partner 12% 14% 11% 28% 20% 4% 6%
Birth of a child 6% 10% 13% 8%
Chil d rea ched a certain age /left home 4% 4% 0% 3% 2% 6%
4% 0% 10% 13% 6%
Total 31% 43% 26%
Monaco 58% 31% 11%
Spain 55% 32% 13%
Saudi Arabia 73% 15% 12%
Japan 46% 46% 8%
US 15% 50% 35%
Ireland 42% 48% 10%
Switzerland 46% 34% 20%
UK 19% 50% 31%
UAE 40% 50% 10%
S ou th A fr ic a 8 % 45% 47%
Australia 14% 49% 37%
Hong Kong 48% 43% 9%
India 89% 7% 4%
4%Singapore 80% 16%
* Based on those who currently have a will in place and can recall the revisionsSource: Ledbury Research
0 20 6040 80 100
Never
12 times
3 or more times
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only for their children but for the world in general.
Our research shows that 20% of high net worth
a business legacy is gender.
important for the protection they afford, yet the number
factor in the use of prenuptials is their legal recognition.
whether or not spouses agree to prenuptials. Research
in the US by Heather Mahar, a Fellow at the John M.
Chart 18 Views on Prenuptial Agreements
a prenuptial agreementTotal Europe
North
America*
Latin
America**
Middle
EastAf ri ca* ** A si a
24% 21% 6% 34% 36%
Somewhat important 37% 40% 23% 18% 33%
Very important 30% 27% 71% 20% 81% 20%
10% 10% 0% 26% 0% 11%
* US
** Mexico and Brazil
*** South Africa
Source: Ledbury Research
Chart 19 Use of Prenuptial Agreements
* South Africa
** Mexico and Brazil
*** US
Source: Ledbury Research
Total 15%
% who have ever used a prenuptial agreement
0 20 6040 80 100
NorthAmerica*** 11%
Europe 15%
LatinAmerica** 27%
Middle East 15%
Africa* 62%
Asia 13%
I dont believe any assets should bepassed on to the next generation
4%
Dont know 6%
* % of respondents selecting each statement as best matching how they feel about inheritance planning when it comes to passing on assets to c hildren
Source: Ledbury Research
% Saying each statement*
0 20 6040 80 100
Assets should be allocateddifferently by child
Assets should be equally dividedamongst all children
20%
70%
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to protect people, so that the terms of the agreement are much
Marcus Dearle, Managing Partner of the international law firm Withers LLPs Hong Kong office
In the last decade, marriage has become a much
substantial assets would normally only be awarded
usually amount to a property and reasonable needs
Marcus
Dearle
spouses can potentially be awarded, but it means that
trust assets were often not touched because the
These changes underline the importance of
consider legitimate restructuring of their assets in
well ring-fence certain assets outside the matrimonial
within a prenuptial agreement, which means the
agreement has a much better chance of being
people, so that the terms of the agreement are more
he adds.
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Wealth is, of course, just one of the useful things that
do to be successful. Understanding the challenges that
future generations face and how children can rise to them
Words ofwisdomfor the
generation
wealthy respondents around the world to tap their
picture of what the future holds for all of us.
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whether they wanted their children and stepchildren
about their childrens education and they trust them
more. We also found that those who wished for their
children to follow in their footsteps when choosing a
Questioned about the top three challenges facing the
economic problems we face. This top challenge is also
children/stepchildren to follow in their footsteps when
or following a similar path. A fairly modest 28% globally
theirs. This is the case for all sources of wealth, genders
and regions.
priority in Latin America, where the median age is j ust
is seen as the single most important challenge, and on
the other there is the US, where this is only a concern
that more Americans are concerned about the decrease
Chart 20 Expectations of Children****
* US
** Mexico and Brazil
*** South Africa
**** % who slightly agree or completely agree with each of the following statements
Source: Ledbury Research
Total EuropeNorth
America*
Latin
America**
Middle
EastA fr ic a* ** A si a
71% 71% 84% 67% 82%
follow in my footsteps when choosing
a career.
28% 40% 70% 42%
Chart 21 Challenges for the Future****
* US
** Mexico and Brazil
*** South Africa
**** % selecting each challenge (respondents could select up to three)
Source: Ledbury ResearcSource: Ledbury Research
Total EuropeNorth
America*
Latin
America**
Middle
EastAf ri ca ** * A si a
70%
63%
Caring for ageing populations 68% 48% 21% 11% 21%
37% 41% 24% 32% 43% 42%
Rising education costs 22% 26% 18% 23% 24%
Increasing globalisation 18% 13% 32% 27% 21% 24%
18% 24% 21% 16% 28% 16%
17% 12% 17% 36% 26% 18%
power on global stage17% 13% 30% 16% 2% 13%
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should study, the wealthy are adamant that they should
Dr Wendy Piatt
the importance of science, technology, engineering and
Richard Watson, pointed to
two factors that suggest some caution to this strong
technical emphasis is necessary. First, he highlighted the
dangers of teaching people to do things that machines
simply the accumulation of facts and then the
application of those facts based on certain set rules or
we do need a broader education and we want to get
people to understand a bigger picture and a broader
Dr Wendy Piatt
The rise of China is one of the great macroeconomic
thought that Chinese was marginally more important than
language to learn.
language seems limited, particularly when one considers
in China than there are people in the United States
a threat to other languages in countries where it is used
been adopted to help the local economy interface with
threaten French in Francophone African countries.
Language: a sign of the times
Chart 22 Subjects of Importance****
* US
** Mexico and Brazil
*** South Africa
**** The most important subjects for the next generation to study (respondents could select up to three)
Source: Ledbury Research
Total EuropeNorth
America*
Latin
America**
Middle
EastA fr ic a* ** A si a
IT/Technology 68% 61% 80% 72%
Mathematics 71% 74%
Science 32% 42%
Languages 28% 40%
Social Sciences 20% 12% 12% 26% 17% 38%
18% 17% 27% 16% 17% 6%
Arts 7% 7% 7% 3% 2% 10%
6% 7% 2% 2% 8%
Chart 23 Foreign Languages Worth Learning
Source: Ledbury Research
Chinese 69%
% Most important languages for the next generation to learn (all respondents)
0 20 6040 80 100
Spanish 36%
English 68%
French 18%
German 13%
Arabic 12%
Japanese 12%
Hindi 9%
Russian 9%
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Dr Wendy Piatt, Director General of the Russell Group
Chart 24 Foreign Languages Worth Learning*
* Top three most important languages for the next generation to learn (by country)
Source: Ledbury Research
M os t I mp or ta nt S ec on d M os t I mp or ta nt T hi rd M os t I mp or ta nt
Where English Dominates
Ireland Chinese 72% Spanish 42% Russian 26%
UK Spanish 41% French 21%
US Chinese 66% Spanish 64% Arabic 21%
South Africa Chinese 64% French 34%
Australia Spanish 20%
Rest of the World
Monaco Chinese 61% Spanish 26%
Spain Chinese 71%
Spanish 38%
Qatar French 31%
Saudi Arabia French 44% Chinese 40%
Chinese 74% Spanish 22%
French 22%
India
Japan Chinese 82% French 13%
Singapore Japanese 21% French 17%
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This report has already discussed many of the UK-wide
UKregionaldifferences
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London and South East a wealth and
conflict hotspot
associated with wealth in the UK, with 41% of high net
When it comes to their usage of wills, the picture in
North East and Yorkshire setting the pace nationally
with nearly 44% of the wealthy saying that inheritance
come with family wealth.
are setting the pace for the rest of the country when
seeing the importance of succession planning, they
are in the top spot for this measure; they are also tied top
stepchildren to protect their inheritance.
Midlands dealing with serious trust issues
to protect their inheritance, about half were e ither
with wealth. Indeed, the Midlands are on par with
to prenuptials
slice of the UK wealthy population.
They put a little more emphasis on succession planning
not necessarily translate this into the appropriate actions.
Interestingly, whilst they may be slow with completing
their wills, their usage of prenuptials is amongst the
highest in the country. Around 8% of wealthy
amongst 24% of the regions wealthy that prenuptials
South West fair warning to the next generation
to worry about when it comes to securing inheritances
from todays wealthy. In this region, we found that
Amongst those who are planning to pass on wealth
amongst their children.
inheritances for granted. If they do, they may be
unpleasantly surprised.
Scotland serious about succession planning
Across all the regions, we found that it was the
Scots who were the most concerned with planning for
wealthy in Scotland said that succession planning was
We see fairly good follow-through on these good
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Chart 25-30 UK regional differences*
Wealth Leading to Family Conflict
% who slightly agree or completely agree with
UK Total 37%
London 41%
South West 34%
Midlands 41%
40%
38%
Scotland 38%
Passing Assets on to the Next Generation
match for how they feel about inheritance planning
UK Total 6%
London 3%
South West 10%
Midlands 8%
6%
8%
Scotland 2%
% who do not agree wi th the statement
UK Total 41%
London
43%
South West 37%
Midlands
33%
42%
Scotland 41%
Burdens of Inheritance
% who slightly agree or completely agree with
UK Total 35%
London 26%
36%
South West 31%
Midlands 41%
44%
38%
Scotland 40%
Importance of Succession Planning
% who slightly agree or completely agree with
UK Total 57%
London
South West
Midlands
64%
60%
Scotland 64%
Use of Wills
% of respondents who currently
UK Total 93%
London
South West
Midlands
100%
Scotland
Source: Ledbury Research
* % respondents selecting each statement as best matching how they feel about inheritance planning when it comes to passing on assets to children
Source: Ledbury Research
UK To ta l L on do nSouth
East
South
WestMidlands
North
East and
Yorkshire
North
WestScotland
Assets should beall children
78% 78% 84% 74% 72% 76% 86%
Assets should be allocateddifferently by child
13% 13% 8% 17% 18% 12% 14% 12%
should be passed on to the
6% 3% 10% 8% 6% 8% 2%
4% 6% 3% 3% 0% 10% 2% 0%
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Conclusion
for it. Yet wealth comes with responsibility and, in many
wealth can be a double-edged s word. The good news
added to a growing body of research that shows that
wealth, or at least income, can bring happiness.
associated with succession planning. The fast-changing
beliefs shift between generations. In many regions the
family unit is now multi-faceted and disparate. It is
therefore not unreasonable to see elements of distrust
as an undercurrent in some high net worth families.
The research has also shown that wealth transfer is a
and eminently sensible: sensible to facilitate both
the tests of time.
Legal note
of this information, neither Ledbury Research nor Barclays
Wealth can accept any responsibility or liability for reliance
by any person on this report or any of the information,
opinions or conclusions set out in the report.
This document is intended s olely for informational
purposes, and is not intended to be a solicitation or
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