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Passing Wealth Through the Generations


The Royal Mint
Category: Invest


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Data published by luxury real estate and consultancy firm Knight Frank shows that millennials (roughly those born between the early 1980s and the mid-1990s, before Generation Z and Generation Alpha) are set to become ‘the richest generation in history’. Over the coming decades, analysts are expecting to see the largest intergenerational transfer of wealth in the history of the planet. This could have significant impacts on the future shape of the investment market, and it means Generation X (those born between 1965 and 1980) and baby boomers (those born between 1946 and 1964) are likely thinking about estate planning.

The findings of the Knight Frank survey provide a good opportunity for people of all ages to reflect on their financial futures. Some of the questions you may wish to consider include:

Gen X and Baby Boomers

  • How can I diversify my investment portfolio to reduce risk?
  • What is the most efficient way of passing wealth on to my children?
  • Can I ensure the wealth my children inherit is not squandered?
  • Will I be able to effectively manage my investments in old age?

Millennials and Gen Z

  • How do I realise the value of inherited assets?
  • How can I invest an inherited lump sum for the future?


Leveraging Gold in Estate Planning

When it comes to estate planning, many individuals seek avenues to safeguard their wealth whilst minimising tax liabilities for future generations. In this pursuit, gold emerges as a shining star, offering a multitude of benefits that can make it a valuable asset within an estate plan.


Gold Coins and Bars

Much of gold’s enduring appeal lies in its tangible nature and universal appeal. Unlike complex financial instruments, gold is a straightforward asset that holds intrinsic value and transcends geographical and cultural boundaries. Its physical presence provides a sense of security and stability, reassuring owners that their wealth is in their own hands.

One of the key advantages of incorporating gold into an estate plan is its ease of ownership. Unlike real estate or other tangible assets, gold is compact, portable, easy to store securely and requires no maintenance. This accessibility allows individuals to maintain control over their wealth without the burden of extensive management or oversight, making it an attractive option for those looking for a relatively hassle-free investment in later life. Gold bought from The Royal Mint can either be delivered to your address or stored in our high-security vault (fees apply).

Gold can also offer significant tax benefits that further enhance its appeal in estate planning strategies. In the United Kingdom, in addition to being VAT-free on purchase, sales of UK legal tender gold coins (including Sovereigns and Britannias) are exempt from Capital Gains Tax, providing investors and inheritors with a tax-efficient means of realising their gains. This benefit appears to be increasingly pertinent, as the Capital Gains Tax threshold is to be lowered to a total of £3,000 for individuals from 6 April 2024 – down from £12,300 in the 2022/23 tax year.


Incorporating Gold into Your Pension

Gold can be held within a Self-Invested Personal Pension (SIPP) – either as physical gold bars, or in the form of a gold exchange-traded commodity (ETC) such as The Royal Mint Responsibly Sourced Physical Gold ETC. SIPPs can present an attractive opportunity for estate planning purposes. Assets held within a SIPP, including gold, are typically exempt from Inheritance Tax, meaning that the full value of the investment can be inherited by loved ones in the form of a pension. This exemption can help to not only safeguard wealth but also simplify the estate administration process, providing peace of mind for individuals and their heirs. To explore options for holding physical gold in a SIPP or Small Self-Administered Scheme (SSAS), please visit, and to learn more about The Royal Mint’s gold ETC, please see


Gifting Gold

Another avenue for Gen X and Baby Boomers to pass wealth on to their millennial and Gen Z children is through gifting. In many cultures, gold is a traditional gift at life’s key milestones: birth, coming of age, marriage, and 50th anniversaries and birthdays. Gifting gold to loved ones during your lifetime may give you the reassurance that the beneficiaries definitely receive the gift and you’re able to watch them enjoy it; however, it can be important to plan when to make that gift. Those planning to gift gold to their children may wish to consider Inheritance Tax rules as gifts may be taxable if you don’t live more than seven years after making the gift.

Golden Rules

It may be helpful to think about these five points when considering how to ensure your assets can be passed on as smoothly as possible.

  • Consider your strategy

How do you intend to pass wealth to your loved ones – gifting, inheritance via your estate or inheritance of a SIPP?

  • Do your research

How will your loved ones realise the value of the inherited or gifted assets?

  • Consider seeking professional advice

You may wish to seek advice from a financial advisor, wealth planner or tax specialist.
More information about seeking financial advice can be found here:

  • Write a will

Writing a will can help make your intentions clear and ensure your assets are passed on to your loved ones in the way that you intend.
More information about writing a will can be found here:

  • Keep your paperwork

This can help make the administration of your estate easier, and help administrators understand the assets you own and their values.


Inherited bullion?

Are you a millennial who has inherited bullion? The Royal Mint buys gold, silver and platinum bullion from individuals who have inherited bars or coins from their loved ones and wish to sell in order to realise the cash value. To sell your bullion to The Royal Mint, please see

Alternatively, if you’re interested in learning more about the value of holding gold as part of an investment portfolio, The Royal Mint provides extensive information through Articles and Guides, and Market News.



The contents of this article are accurate at the time of publishing, are for general information purposes only, and do not constitute investment, legal, tax, or any other advice. Before making any investment or financial decision, you may wish to seek advice from your financial, legal, tax and/or accounting advisers.

This article may include references to third-party sources. We do not endorse or guarantee the accuracy of information from external sources, and readers should verify all information independently and use external sources at their own discretion. We are not responsible for any content or consequences arising from such third-party sources.

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