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Anxiety around inheritance and succession planning

26.05.21

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Anxiety around inheritance and succession planning

Planning for your succession and inheritance can cause anxiety and mental health problems; but that doesn’t mean you should put it off. As we build businesses and accrue wealth over a lifetime, we need to be aware of where and how that money and responsibility will be passed on.

According to research by Julius Baer, the global private bank, an estimated USD68 trillion will be transferred in the next twenty-five years between the generations in the US alone, and yet around 70% of high net worth families do not have a succession or inheritance plan in place[i].

Having a plan in place is particularly important for survival of family businesses, which play a significant role in the global economy – 750 of the largest businesses generated a total of USD9.1 trillion in 2018 according to research quoted by Julius Baer[ii]. Yet, according to PWC’s Family Business Survey in 2016, 43% of family firms do not have a succession plan in place, with only 12% making to a third generation[iii].

WHY IS SUCCESSION PLANNING SO STRESSFUL?

The issues surrounding succession planning are complex. To start with, inheritance is bound up in a sense of self, not only how we see ourselves, but how outsiders view us, too. According to the Bupa Global’s Index, 51% of high net worth individuals agree that in their family, self-worth is defined by a person’s achievement and accomplishments.

Starting to plan the future of your finances is one way to manage the stress and anxiety that can arise from succession planning. ‘These decisions are so important that stable mental health is necessary when making these plans,’ Dr Vandenabeele, Bupa Global’s Clinical Director for mental health, says. ‘To achieve the best outcomes, it is important to openly discuss these worries with family and advisers.’

The stress can have an impact on our mental health. ‘It is important to recognise that succession planning can be stressful and therefore impact upon a person’s mental health,’ Dr Vandenabeele warns. According to Bupa Global’s Executive Wellbeing Index, 40% of high net worth individuals across the world believe that concerns about money, succession and inheritance have impacted their mental wellbeing[iv].

BUPA GLOBAL’S APPROACH TO MENTAL HEALTH SUPPORT

At Bupa Global, our purpose is helping people live longer, healthier, happier lives. We recognise that mental health is just as important as physical health and believe in helping people to feel their best and stay that way too. To support this, we have removed both annual and monetary limits across plans for in-patient and day-patient mental health treatment (up to the annual maximum limit of your chosen plan).

Bupa Global helps give you peace of mind, both at home and wherever in the world you choose to be treated, within your area of cover.

 

For more information about Bupa Global premium health plans visit bupaglobal.com/withyou or talk to our Private Client team today on 0371 346 0407.

 

Calls may be recorded. Bupa Global is a trading name of Bupa Insurance Limited and Bupa Insurance Services Limited. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bupa Insurance Services Limited is authorised and regulated by the Financial Conduct Authority.

[i]https://www.juliusbaer.com/index.php?eID=dumpFile&t=f&f=69781&token=e5f2ae6ccc664940cc7397845b462e7d79e5ddc9

[ii]https://www.juliusbaer.com/index.php?eID=dumpFile&t=f&f=69781&token=e5f2ae6ccc664940cc7397845b462e7d79e5ddc9

[iii] https://www.pwc.com/gx/en/services/family-business/family-business-survey-2016/succession.html

[iv] Bupa Global Executive Wellbeing Index (September 2020). Research conducted among 450 high net worth individuals and senior executives across UK, France, USA, UAE and Egypt.

Please read the full article on Bupa Global.

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