Children banking on inheritance

Many children are relying upon inheritance from their parents to help them out later in life, new research has revealed.

A study by Standard Life found 22 per cent of adults aged between 26 and 35 want to use money and possessions left to them in wills to pay for their retirement.

Andrew Tully, manager of pensions policy at the firm, implied that due to people now living longer, it is possible that the size of inheritance levels may dwindle.

This may suggest that those who wish to leave their children substancial amounts when they die should make sure they carefully write a will.

"With each generation living longer than the last and the cost of living rocketing, many parents' plans of leaving behind an inheritance could be foiled," he remarked.

According to the rules of intestacy, money and possessions will be shared evenly among surviving relatives if a person neglects to write a will.

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Published on: September 11, 2008

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