The shift towards earlier planning for passing on wealth

Lloyds Wealth research suggests this generation is not waiting until later life to think about the future. When asked which areas are important when planning ahead, 87% of Millennials said supporting family, 67% said retirement, and 59% said passing on wealth. That tells us that wealth transfer is no longer a niche concern. For many younger adults, it is already part of the wider financial picture.

What is especially interesting is that this thinking is not just theoretical. Many Millennials are already taking practical steps. 58% say they have discussed their wishes with family, 50% have written or updated a will, and 49% have completed or updated pension beneficiary nominations. Just as notably, 53% say they have sought professional advice about inheritance or estate planning, which is higher than respondents of other ages that were surveyed. That suggests a growing willingness to get guidance earlier, rather than leaving important decisions until later.

There are also signs that Millennials are more open to passing on wealth during their lifetime, not only after death. 32% say they have considered lifetime gifting, again higher than older respondents. This reflects a broader shift in mindset. Rather than seeing inheritance purely as something that happens at the end of life, more people are recognising that financial support given earlier can sometimes make a bigger difference, whether that means helping family with housing, childcare or other important milestones.

That does not mean Millennials are giving everything away or putting legacy ahead of their own needs. In fact, the research points to a more balanced outlook. When asked which statement best matches how they feel about passing on wealth, 59% of Millennials said they want to balance enjoying retirement with leaving something behind. A further third (33%) said they want to pass on as much as possible. Only 4% said they are focused on spending their wealth during their lifetime. In other words, most are trying to find the right balance between living well now and supporting others in the future.

Another clear theme is concern about the consequences of not planning ahead. 79% of Millennials say they are concerned that not planning could make things harder for their family once they have gone, with 45% stating that they are somewhat worried and 35% saying they are very worried. This matters because it shows that earlier planning is not just being driven by tax efficiency or wealth preservation. It is also about reducing stress, avoiding uncertainty and helping loved ones deal with fewer complications later on.

The good news is that the research also gives a clear indication of what would help people take action. For Millennials, the biggest motivator is clarity. 46% say a clear, simple plan of next steps would encourage them to act, while 39% say a conversation with a professional they trust would help. 38% want to better understand how much their family could lose to tax, and 31% say greater certainty around future rules would motivate them. This points to a practical opportunity. Many people are not avoiding the topic because they do not care. They may simply need a clearer route forward.

Please remember that tax treatment depends on your individual circumstances and may change in the future. 

Almost half (47%) say they have made a start on planning for passing on their wealth, but there are gaps they need to address. A third (33%) feel confident their plans are in good shape, while 18% say they know they should act, but have not yet done so. This suggests that for many, the foundations are there, but the planning is not yet complete.

The shift towards earlier planning for passing on wealth is therefore not about fear or urgency alone. It is about being thoughtful, organised and intentional. For Millennials, supporting family, protecting future choices and making informed financial decisions are increasingly connected. Starting earlier could create more options, more understanding and more confidence that your plans reflect what matters most to you.

Source: Passing on wealth research, Lloyds Wealth, May 2026, based on 1,126 respondents.

Fees and charges apply at Lloyds Wealth.

This article is for information purposes only. It is not intended as financial advice.

If you need will writing or Power of Attorney services, your adviser can introduce you to specialists in these areas as Lloyds Wealth do not provide these services. If you need estate administration or trust management services, your adviser can refer you to Lloyds Bank or Bank of Scotland. Certain areas of these services (for example will writing and Power of Attorney) are not regulated by the FCA and you should refer to the provider's literature for confirmation.

Lloyds Wealth might receive a referral fee from some of the partners we introduce to you.