“Likewise, some clients have houses bought in trust for the beneficiaries, but the beneficiaries are surprised by having to pay rent to the trust. These are all situations which need not become an issue if the purpose of the wealth is communicated clearly; and how the family seeks to put that into action.”
Ms Birtwistle says it is important to ensure the parents are aligned in their thinking and then advisers can assist them in delivering and communicating their decisions to the next generation.
Ima Jackson-Obot is deputy features editor of Financial Adviser and FTAdviser