High net worth (HNW) women are more likely to put their children first when thinking about wealth planning, while men tend to prioritise their spouse, research from Charles Stanley has found.

Its survey of HNW men and women showed that 45 per cent of female respondents considered their children first when it came to succession planning, compared to 33 per cent of their male counterparts.

Meanwhile, 37 per cent of HNW men would consider their spouse first for passing on their wealth, with this figure falling to 17 per cent amongst women.

However, Charles Stanley noted that these succession plans may not become a reality without a will in place, after its research found that only 59 per cent of HNW individuals have written a will.

Men (64 per cent) were more likely to have a will in place than women (57 per cent).

Charles Stanley also found that 29 per cent of HNW individuals have set up a trust, while 24 have a Lasting Power of Attorney in place.

Although 18 per cent have a letter of wishes, Charles Stanley said that, “shockingly”, one in seven do not have anything in place at all for passing on their wealth.

As part of their wealth planning, 81 per cent of HNW individuals have spoken to a financial adviser, with men (90 per cent) more likely to have done so than women (79 per cent).

Most had spoken to an adviser themselves (58 per cent), while 25 per cent had done so alongside their partner or spouse, and 5 per cent had spoken to an adviser with their ex-partner or spouse.

“Considering your own mortality can be a difficult thing for many people to contend with,” commented Charles Stanley financial planner, Mia Kahrimanovic.

“But succession planning is crucial to protecting your wealth and ensuring it is passed on to loved ones.

“Inheriting wealth can provide security and valuable opportunity for the recipient, which is why it’s important that HNW individuals take time to consider their plans and think about where they’d like their wealth to go.

“Circumstances can change in a heartbeat, so it’s surprising to see that one-in-five (19 per cent) have not spoken to a financial adviser, and others do not have crucial planning tools, such as a will, in place.

“Given that within couples, plans and intentions may be different for each person, seeking financial advice can align all parties and establish a clear plan to secure the financial future for any families or beneficiaries involved.”

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