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Will your inheritance help those family members who need it most?

The most common age for someone to receive an inheritance is 55-65*. However our research** shows that one in five (18%) of the people in this age group prefer to pass it on to the next generation - almost immediately.

 

Younger generations need it most

Those that do pass on this inheritance pass it straight to their own children (81%). A further 10% skipped a generation and handed it to their grandchildren.

Many 55-65 year olds have benefited from rising asset prices, like in house prices, during their lifetime. Many have enough savings, investments and other wealth, so may feel that their children or grandchildren need it more than they do.

 

Should you be acting sooner?

Instead of thinking of your money as something you leave to your next of kin when you die, why not plan early and support younger family members who have an immediate need for financial support.

There are plenty of options to gift money to younger relatives during your lifetime, helping them with their education costs, or getting onto the housing ladder.

 

It’s good to talk about money

To ensure your money is used most effectively by those that need it, it’s vital that we break the taboo around inheritance, and start planning early. That’s why our advice is to seek advice from a qualified financial adviser. They can help you to decide which options are right for you, as well as any tax implications in relation to Inheritance Tax (IHT).

 

 

www.ons.gov.uk

** The research was commissioned by Quilter and undertaken by YouGov Plc, an independent research agency. All figures, unless otherwise stated, are from YouGov Plc. The total sample size is 1,544 UK adults, comprised of 529 Baby Boomers, 501 Generation Xers and 514 Millennials. Fieldwork was undertaken between 07/07/2020 - 08/07/2020. The survey was carried out online.