According to the latest industry research, almost one in five adults say they do not plan to leave an inheritance to their children.
The survey of 2,000 UK adults which was conducted by Opinum on behalf of Hargreaves Lansdown, revealed that 82 per cent of people plan to leave their inheritance to their children when they pass away.
Seven per cent plan to leave their inheritance to other family members, which includes guardians for youngsters and those leaving an inheritance to their grandchildren instead.
This group featured more younger adults aged 18-34 who are likely to have younger families so are choosing to leave money to the people who are likely to be raising their children in the event of their death.
Whilst many older adults were choosing to leave money directly to their grandchildren to help them make a start in adult life and avoid the risk of the money being subject to inheritance tax.
Some respondents also highlighted out that their offspring didn’t need their money, and that they were already better off financially than they are.
Ahead of Remember a Charity Week, the survey showed that one in 20 will leave it to charity, and another one in 20 want to spend it while they can.
In separate research from the Institute for Fiscal Studies earlier this year, the reliance on inheritance windfalls by younger generations was revealed, with a large number needing this kind of financial help to get on the property ladder.
Among those who don’t plan to leave anything to their children, a common theme was that they didn’t want to stand in the way of them making their own way in life, along with concerns about what they might do with the money and the idea that somehow it would make their offspring hope for their death.
Whilst many people would prefer not to think about it until later in life. Here at Knightsbridge Solicitors, we believe that the earlier you start to plan for your legacy the better.
We have a dedicated team of solicitors ready to provide you with impartial advice and guide you through the process of planning your legacy.
To learn more or book a consultation for any of our estate planning services, please contact us on 0115 824 1700.