When family realities and the rulebook do not align

Many clients have a clear view of who matters to them and who they want their wealth to support. But financial planning has to work within today’s legal, tax and succession rules, which may not always neatly reflect those intentions.

This challenge is particularly relevant for cohabiting couples. More than 3.5 million couples live together without being married or in a civil partnership, yet these long-term partners may not have the legal and inheritance protections they assume.

The Government’s 2026 consultation on potential reforms to the rights of eligible cohabitants in England and Wales shows that the framework may evolve. Advisers can only plan for today, but future change reinforces why family wealth planning cannot be a one-off exercise.

Where complexity starts to appear

Family wealth planning often starts with a simple question. Who should benefit, and when? Cohabiting partners, second marriages and blended families can quickly complicate the answer, particularly where clients want to support a surviving partner while preserving wealth for children from a previous relationship.

Advisers therefore need to consider how assets are owned, controlled and transferred across the wider family. Trusts may help where greater control is required or where there are concerns over wealth passing to the wrong person at the wrong time.

Pensions add another moving part. From 6 April 2027, most unused pension funds and pension death benefits will be brought within the scope of Inheritance Tax. This increases the importance of reviewing pension arrangements, beneficiary nominations and wider succession plans together, while recognising that exemptions and exclusions may apply.

The same principle applies during a client’s lifetime. Whether helping children onto the property ladder, funding education costs or contributing to a Junior ISA, advisers are supporting decisions that affect wealth across generations, not just the mechanics of gifting.

Planning today, reviewing tomorrow

It's important to plan with what is known today. Current rules, current family circumstances and the available solutions. But recent and potential future changes show why planning needs to be revisited over time.

That makes regular review central to keeping a client on track. A strong platform proposition can support those conversations by bringing together relevant wrappers, family relationships and planning structures within a wider view of family wealth.

A home for family wealth

Advisers need a platform proposition that reflects both the relationships they work with and the different ways clients hold, manage and pass on wealth. That means supporting planning across multiple wrappers, account types and family structures, not only individual client accounts.

We house a range of investment wrappers including Junior ISAs, ISAs, SIPPs and GIAs, alongside access to third-party onshore and offshore bond providers. And our broad investment proposition is designed to support accumulation, retirement and inheritance planning.

Our approach to family linking means that groups can include cohabiting partners and step-relations, as well as eligible trusts and corporate accounts. This allows more family wealth to be linked for pricing purposes, with platform charges assessed using the combined value of eligible assets across the group. As family wealth grows, members of the group may therefore benefit from lower platform charges.

Family reality and the rulebook do not always align, and neither stands still. Advisers cannot plan for every future reform, but the right platform can help keep family wealth planning connected, current and ready to review. As wealth passes between generations, this family-wide approach can also provide continuity for families while helping advisers maintain relationships beyond the original client.