17 January, 2017
A survey of over 1,000 parents carried out by Investec Investment and Wealth* has revealed that around 30% of adults are unwilling to provide their married children with an inheritance because of concerns about divorce. 14% of those surveyed said they had "little or no confidence" that their children's marriages would last "a lifetime." Others raised concerns with their children-in-law's inability to effectively manage finances and fears that their children would "waste" an inheritance.
Those surveyed also showed a reluctance to provide any financial help to their children by way of large lump sum gifts during their lifetime.
Investec found that, in an attempt to protect against these risks, some parents are choosing to skip a generation, leaving some or all of their estate to grandchildren or remoter relatives. One in seven of those surveyed were considering the option of setting up a Discretionary Trust to try and protect family wealth against the risk of divorce.
The only way to guarantee that your estate passes to your chosen family members is to have a valid and up-to-date Will in place. It is important to seek professional advice tailored to your personal circumstances, to ensure that your estate is dealt with as smoothly as possible and in accordance with your wishes.
For those concerned about preserving family wealth for future generations, contact our specialist team of Wills, Probate, Tax and Trusts Solicitors on freephone 0800 975 2643 for an initial consultation. or send any question via our online contact form.