By Jonathan Sloan

As we move towards the winter months and with the beginnings of new-found travel freedom, many of us are looking forward to the possibility of escaping the wet weather.

While some love the sun, for a lot of us the attraction of a ski holiday – now that they have become available again – is proving very tempting. And this reminded me that there used to be a rather exclusive SKI club that wasn’t quite alpine focused, but dedicated to “spending the kids’ inheritance”.

There can be little doubt the seismic shift we are living through has influenced the way we think about our own mortality and, as such, the financial legacy we leave for the next generation.

Many will be relieved that no further tax increases were announced in this week’s

Budget. However, now is the best time to

review your financial plans and ensure you are protecting your wealth as much as possible.

It’s always worth doing everything you can to ensure an efficient transfer of wealth to the

next generation.

The economic realities of life in the UK are causing many wealthy parents to help their offspring quicker than traditional models allowed. Housing, education and health costs have all increased over the last decade and parents have responded by smoothing the

wealth creation path for their offspring with either direct gifts or loans.

Recently, a growing concern has developed that, without actual access to wealth, it seems

a little far-fetched for the next generation

to learn how to plan and invest wisely.

A growing number of providers have moved

into this educational space, from online resources to the more traditional wealth managers who seek to educate the next generation of investors.

While it is likely the financial objectives and risk appetite of those aged between 30 and 40 are not likely to be the same as those aged between 60 and 70, discussing and agreeing both the purpose of funds and the broad principles

of planning and investment are likely to ensure

a smoother handover.

It is also important to have this discussion as early as possible. No-one is suggesting this is an easy conversation, with the implicit undertone

of our own mortality lurking in its shadows. However, early conversation, with the usual caveats about the young being more prone to spend it as opposed to save it, is likely to normalise the conversation as well as provide space for both sides to discuss the options.

It can also be useful to engage the younger generation in topics that they tend to be interested in, and there is no doubt that ESG (environmental, social and governance) is high up that list.

While ESG is seen by some as a developing consideration, it is very likely that ESG will

be seen as less a consideration and more fundamental to the construction of an investment portfolio than it has been in the last 10 years.

In all these matters, it can be helpful to engage advisers to assist in the conversation and implementation. This is not just about ensuring all legal matters are in order, but also about ensuring the right considerations have been made. And remember, trusted advisers do not always need to be paid advisers, but sometimes the services of a professional are worth paying for to enable not only the conversation but also the variety of options available. This doesn’t have to be like an episode of Succession – in fact, the

best advice is to ditch the drama and focus on

the fundamentals.

Passing wealth on to the next generation can be hugely beneficial. As the expression goes, it may be better to give with a warm hand than with a cold one. However, like most things in

life, planning, care and execution are likely to increase its success.

Jonathan Sloan is regional director for Barclays Wealth and Investments in Scotland.