In 1999 the average Briton who received inheritance was in their early 50s, but new data has shown that the vast majority are closer to 60 by the time they receive an inheritance, leading to an end of “traditional inheritance”
Bypassing a Generation
According to research, higher life expectancy, large health bills and other expenses meant that the vast majority of middle aged would not receive an inheritance until they were near retirement.
Experts state this is due to it becoming common for elderly people to leave remaining money to grandchildren, bypassing a generation.
Ashley Seager, co-founder of the Intergenerational Foundation, said: "We've been observing this trend for a number of years and we do believe it spells the end of the traditional inheritance for middle-aged people.
"Wealth is cascading up the generations, but today's retirees are spending more and living longer, meaning they have less to pass on."
Insurance groups believe that parents are more likely to pass on an inheritance to their children due to the vast majority of their costly expenditure, such as attending university or buying a property being behind them.
If you have an issue regarding an inheritance or require legal assistance in setting up a will, contact us today using our online contact form or call us on 0141 222 7951.