{"id":23396,"date":"2025-11-07T16:40:29","date_gmt":"2025-11-07T16:40:29","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/important-financial-issues-to-discuss-with-your-family\/"},"modified":"2026-05-26T18:17:56","modified_gmt":"2026-05-26T18:17:56","slug":"important-financial-issues-to-discuss-with-your-family","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/important-financial-issues-to-discuss-with-your-family","title":{"rendered":"Financial issues to discuss with your family"},"content":{"rendered":"\n

Money is a notoriously difficult subject to discuss with family. Yet your family\u2019s finances could be woven together more tightly than you realise. Having an honest conversation could open up financial planning opportunities and improve your loved ones\u2019 future finances. The sooner you talk about money<\/a>, the better your chances are of protecting your legacy and boosting your children\u2019s financial security.<\/p>\n\n\n\n

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A guide to inheritance tax planning<\/h3>
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Learn more about estate planning, and how writing a will, lifetime gifting and managing your IHT liability can help you and your loved ones in our comprehensive guide.<\/p>\n\n\n\n

Download guide<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

 Here, we consider some potential topics.<\/p>\n\n\n\n

1. Your estate<\/h2>\n\n\n\n

Inheritance<\/a> is a hugely emotive subject. Yet while it might seem morbid to discuss who will inherit a portion of your estate after you have passed away, doing so could prevent future difficulties or disagreements. You can explain what your plans are and why you have made certain decisions.<\/p>\n\n\n\n

This could also provide an opportunity to consider if your will needs updating. For example, you might need to amend your will to ensure your estate can benefit from the residence nil-rate band, which could reduce your estate\u2019s inheritance tax (IHT) bill<\/a>.<\/p>\n\n\n\n

2. Lifetime gifting<\/h2>\n\n\n\n

Although you\u2019ll want to avoid giving away money that you might need in the future \u2013 towards care costs, for example \u2013 you might wish to consider passing on some wealth to future generations within your lifetime.<\/p>\n\n\n\n

Making use of pensions, trusts and life assurance are just some of the ways you can do this. This can be complicated, but we can work with you to give you peace of mind that you\u2019ve laid the firmest foundation for your family\u2019s future.<\/p>\n\n\n\n

It\u2019s possible to gift tax efficiently<\/a> during your lifetime using various allowances and exemptions. Examples include:<\/p>\n\n\n\n