Hope Isn't A Plan
A friend recently told me about a family in Austria who had owned farmland for generations. The son, assuming he’d one day inherit it, studied agricultural science at university so he could modernise and manage the estate.
But when he returned, he discovered half the land had been sold—his father had quietly liquidated a portion to fund travel in his later years. You can imagine the conversations around that dinner table.
And sadly, it’s not as unusual as we might think.
I speak to people regularly who are relying on inheritance as a key part of their retirement plan. Some are counting on property sales, while others are relying on a family business or another investment portfolio they have no access to. But when I ask for details, what are the assets? Are they structured properly? Who’s managing the estate? Wills? Trust? Tax? The answers are often vague at best.
The assumption is simple: It’ll sort itself out. But it rarely does.
The Problem with Assumptions
We’re generally living longer, which means our parents may need more of their capital than we expect. The idea that a family home, business, or investment account will be passed down untouched is increasingly unrealistic, especially when many are already underfunded for retirement and medical costs.
Furthermore, many governments are becoming less generous with inheritance tax thresholds. For example, the UK’s nil-rate band hasn’t moved in over a decade, even as asset values have climbed. That silent creep means many more families are now facing six-figure tax bills—often without realising it.
And yet, many families haven’t even had a serious conversation about these issues. It’s understandable—these are difficult topics—but if you’re basing your own or future, or that of your children, on an inheritance, you can’t afford to be in the dark.
Plan, Don’t Presume
There’s nothing wrong with hoping a legacy will come your way. But hope alone isn’t a strategy. If anything, it creates a false sense of security and delays the real work of planning your financial future.
Even a short conversation with your family or adviser can provide clarity. Understanding how assets are structured, what plans exist, and how tax may affect outcomes isn’t about greed—it’s about responsibility.
Final Thought
Most families want to pass something on. But whether that actually happens—and how much survives the process—comes down to planning, not good intentions.
If you’re unsure where you stand or whether your plans are realistic, it may be worth taking a closer look now, rather than assuming things will fall into place later.