Over half expect inheritance, survey finds

by Sarah Ashcroft

More than half of people in the UK expect to be included in their parent's or grandparent's last will and testament, new research has found. According to a study from MyVoucherCodes.co.uk, 53 per cent of Brits anticipate receiving some kind of inheritance, reports Money High Street.

However, for those planning on making a will in the future, it seems there may not be much left in the pot. The poll also found that children of parents currently aged 30 or under may not have a large inheritance to pass on.

The survey found 61 per cent do not think they will be able to leave money to their own children.

Mark Pearson, chairman of MyVoucherCodes.co.uk, told Money High Street: "Inheritance is certainly something that is bitter sweet for anyone who receives it; having some kind of gain from a huge personal loss of a loved one.

"With the economy heading the way it is at the moment, it comes as no surprise to me that this generation of parents fear they will have nothing to leave their children."

Growing concerns over inflation are undoubtedly making people less confident that they will have anything to pass on to loved ones. However, when making a will it is important to remember non-cash assets as much as money.

Family heirlooms and other valuable objects need to be included to reduce the chances of a dispute after death.

However, research carried out last year by Standard Life showed that over a fifth (22 per cent) of over-65s are still without a will.

Julie Hutchison, head of estate planning at the firm, noted at the time that failing to draft a will could cost families more than if an estate were put in order properly.

She said: "The legal fees in untangling estates when someone dies without a will can be higher and the inheritance tax bill could be higher, not to mention the stress for the family and potential delay in distributing assets."

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Published on: February 23, 2012

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