The realities of succession: why planning goes beyond tax

In a recent article published by Mayfair Times, Partners Hayden Bailey and Nicola Bushby comment on intergenerational wealth transfer in the UK, highlighting its scale and long-term impact, as well as the planning considerations and personal challenges that can arise as wealth passes between generations.

Drawing on high-profile family dynasties – and the cultural resonance of series such as Succession – the piece explores how the transfer of wealth is increasingly in the public consciousness, reflecting not only the vast sums expected to change hands but also the human dynamics that underpin these transitions. It points to a growing awareness among families of the need to plan earlier and more deliberately, as longevity, rising asset values and shifting social norms reshape how and when wealth is passed on.

Nicola notes that these questions of inheritance are often shaped as much by family relationships as by legal frameworks, a theme closely aligned with her own practice. Nicola focuses on the realities behind these structures, emphasising that “the challenge is never just legal” when disputes do arise. She explains that issues are often compounded by strained relationships, divorce, blended families and questions of capacity, with matters becoming harder to resolve when addressed too late. She adds that late-stage disputes frequently involve “grief, in its many forms, anger, intense stress and longstanding family tensions,” reinforcing the importance of earlier, more open conversations before positions become entrenched.

Reflecting the scale of the transfer outlined in the article, Hayden underlines both the timing and magnitude of the shift, stating “we expect this seismic transfer of wealth to unfold over several decades, most likely between 2030 and 2050.” He points to a gradual but significant redistribution, with younger generations receiving increasing portions over time, and highlights how families are already beginning to respond. Hayden notes that combinations of lifetime gifting, trusts and structured planning are becoming more common, particularly where clients want to balance tax efficiency with the benefit of seeing wealth used within their lifetime.

The full article was published by Mayfair Times in June 2026.