Posted by Tony Millson, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
A third of all adults expect to inherit
One in three UK adults expects that they or their partner will inherit money or property of some value, according to recent research.
The results of a survey of 2,005 adults carried out by comparison site www.gocompare.com also found that two-fifths (41 per cent) of respondents expected their family to inherit more than £50,000 and a quarter more than £100,000.
The research also found that one in ten (13 per cent) would rather their parents or in-laws spend their money on themselves than pass it on.
But nearly one in ten (eight per cent) said they faced financial trouble without future inheritance money while more than four in ten (43 per cent) said that inheriting money would be helpful but not necessary.
Matt Sanders, money spokesperson for Gocompare.com, said: “For most of us, inheriting money from our parents or grandparents is something we’d rather not think about, due to the circumstances surrounding it. But for some it seems the amount that they may inherit isn’t just an active consideration, it’s a retirement plan.”
The survey findings underline the importance of individuals of any age, and particularly those with families, taking steps to put their financial houses in order and discussing with children or grandchildren how they intend to structure their wills.
If at present you don’t have a will or wish to update one that you have already made, the Royds private client team can assist. For more information on our services please visit our website or contact Tony Millson or Deanna Hurst.