Estate Planning & Intergenerational Wealth Transfer in Falmouth, Cornwall
The Financial Conduct Authority does not regulate will writing, tax planning, or trusts. Levels and bases of taxation and tax reliefs are subject to change and their value depends on individual circumstances. Tax laws may change in the future.
Most people work hard throughout their lives to build financial security – not just for themselves, but for the people they love. Yet without careful planning, a significant portion of the wealth you’ve spent a lifetime accumulating could be lost to inheritance tax, tied up in legal complexities, or simply not distributed in the way you would have wished. Estate planning is about ensuring that doesn’t happen – that your wealth is protected, structured efficiently, and passed on to the right people at the right time, in the most tax-effective way possible.
David Medland is a Chartered Financial Planner based in Falmouth with over 15 years’ experience helping individuals and families across Cornwall build joined-up financial strategies that extend beyond their own lifetimes. Holding specialist qualifications in personal tax and trust planning (CII AF1), David takes a thorough, whole-family approach to estate planning – considering not just inheritance tax mitigation, but the broader picture of how your family’s collective wealth can be used to support one another during your lifetimes and beyond. Whether you’re looking to reduce a potential inheritance tax liability, help younger family members onto the property ladder, set up investment plans for children or grandchildren, or simply ensure your affairs are in good order, David will work with you to build a clear, personalised strategy that reflects your values, your family’s needs, and your long-term wishes.
The best time to start planning your estate was yesterday - the second best time is today.
How Estate Planning Works in Falmouth - A Simple, Structured Process
Step 1:
Book Your Free Initial Consultation
Getting started is straightforward – simply call David to arrange your free, no-obligation initial consultation, either at his Falmouth office or via a Teams call. During this first conversation, David will take the time to understand your family situation, your assets, your existing arrangements, and what you’d like to achieve – whether that’s reducing a potential inheritance tax bill, protecting assets for future generations, or simply getting a clearer picture of how your estate currently stands. There is no pressure and no commitment required at this stage.
Step 2:
A Thorough Review of Your Estate & Family Circumstances
If you decide to explore estate planning further, David will carry out a detailed review of your financial position – including your assets, liabilities, existing pension arrangements, life insurance policies, property, and any previous planning already in place such as trusts or wills. He will calculate your current potential inheritance tax exposure and work through the options available to reduce it, while also considering the broader question of how your family’s wealth can best be structured to support everyone across the generations. Where appropriate, David will work alongside your solicitor and accountant to ensure a fully joined-up approach.
Step 3:
A Personalised Estate Planning Strategy, Clearly Explained
Once David has a complete picture of your estate and your goals, he will present you with a clear, personalised estate planning strategy – explained in plain English, without unnecessary complexity. This may include recommendations around life insurance written in trust, pension nomination strategies, gifting arrangements, investment plans for children or grandchildren, and inheritance tax mitigation solutions. Everything will be explained fully before any action is taken, and David will review your arrangements regularly to ensure they remain appropriate as your circumstances and tax legislation evolve over time.
Frequently Asked Questions
What is inheritance tax and who pays it?
Inheritance tax (IHT) is a tax levied on the estate of someone who has died. In the UK, the standard inheritance tax rate is 40%, applied to the portion of an estate that exceeds the nil-rate band threshold – currently £325,000 per individual, or up to £500,000 if the residence nil-rate band applies and you are passing your home to direct descendants. Married couples and civil partners can combine their allowances, potentially sheltering up to £1 million from inheritance tax. The rules are complex and subject to change, which is why professional advice is so important.
How can I reduce my inheritance tax liability?
There are a number of legitimate strategies available to reduce an inheritance tax liability, including making use of annual gifting allowances, taking out life insurance written in trust to cover the tax liability, placing assets into trust, making pension nominations carefully, investing in inheritance tax-efficient products such as AIM-listed shares, and making charitable donations. The right approach will depend on your individual circumstances, the size and composition of your estate, and your family’s needs. David will assess your situation and recommend the strategies most appropriate for you.
What is a trust and do I need one?
A trust is a legal arrangement in which assets are held by one party (the trustee) for the benefit of another (the beneficiary). Trusts can be used for a wide range of estate planning purposes – including removing assets from your estate for inheritance tax purposes, protecting assets for vulnerable beneficiaries, and ensuring that life insurance proceeds are paid quickly and outside of your estate on death. Whether a trust is appropriate for your circumstances will depend on your individual situation, and David will explain the options clearly and refer you to a qualified solicitor where legal documentation is required.
What is intergenerational wealth transfer?
Intergenerational wealth transfer refers to the process of passing wealth from one generation to the next — not just upon death, but increasingly during your lifetime. As people live longer, many families are looking at ways to support younger family members earlier – whether that means helping with a house deposit, funding education, setting up junior ISAs or investment plans for grandchildren, or simply structuring family finances more efficiently. David takes a whole-family approach to this area of planning, helping families collaborate on their finances in a way that benefits everyone.
Should estate planning involve the whole family?
In many cases, yes – particularly where intergenerational wealth transfer is a key objective. Having open, structured conversations about family finances and long-term plans can help ensure that everyone’s needs and expectations are understood and that the overall strategy makes sense for the family as a whole. David is experienced in facilitating these conversations sensitively and constructively, and can meet with family members together or separately as preferred.
Does estate planning only apply to wealthy people?
Not at all. With property values having risen significantly across Cornwall in recent years, many people who would not consider themselves particularly wealthy may find that their estate – including their home – exceeds the inheritance tax threshold. Estate planning is relevant to anyone who wants to ensure their assets are protected, their affairs are in order, and their loved ones are looked after in the most tax-efficient way possible.
What is the difference between a will and estate planning?
A will is an important legal document that sets out how you wish your assets to be distributed after your death – but it is just one component of a comprehensive estate planning strategy. Estate planning takes a broader view, encompassing inheritance tax mitigation, trust arrangements, pension nominations, lifetime gifting strategies, and protection planning. David works alongside solicitors to ensure that the financial planning and legal elements of your estate plan are fully aligned.
How often should I review my estate plan?
Your estate plan should be reviewed regularly – and particularly following significant life events such as marriage, divorce, the birth of children or grandchildren, the death of a spouse, a significant change in the value of your assets, or changes to tax legislation. David will conduct regular reviews as part of an ongoing advisory relationship to ensure your arrangements remain appropriate and as tax-efficient as possible over time.