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Alternatives to leaving your kids an inheritance

If you do not want to leave your children an inheritance, there are a number of other ways to pass on wealth
Alternatives to leaving your kids an inheritance

It can be tax-efficient to make gifts during your lifetime rather than leave everything to your children after you die

You should give thought to the order in which you make the gifts as this can have tax implications

Leaving money to charity can reduce the tax liable on the rest of your estate

Shaken not bequeathed. Daniel Craig’s children, according to the Bond actor in a recent interview, will discover diamonds are not actually forever. Craig, who has a three-year-old daughter and a stepson with wife Rachel Weisz, and an adult daughter with his ex-wife, said that he finds the practice of leaving an inheritance “distasteful”, and prefers to “get rid of it or give it away before you go".

The No Time To Die star’s stance is surprisingly common. Almost one in five people don’t plan to leave most of their money to their kids, according to a survey by Hargreaves Lansdown.

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