A new report on inheritance planning reveals that more than two-thirds of UK adults plan to share their wealth equally among their children.
Research by investment management company Charles Stanley shows that 68% of Brits intend to divide their assets evenly. And 55% indicated that the whole amount of their wealth would be divided by the number of children they had.
However, 16% said they had no intention to split their assets equally amongst their children, with a further 16% yet to decide.
Some 13% of respondents would consider any financial support that they had given each child in their lifetime and divide inheritance to balance out the overall amounts.
Some wanted to take into account each child’s personal circumstances, leaving their less well-off children more inheritance.
Whilst some plan to base inheritance splits on how well each of their children had cared for them in later life.
Interestingly the same survey revealed that more than a third of UK adults claimed they would be upset if they received less than their siblings.
More than a quarter also said they would feel betrayed if they were not treated equally.
Just 20% of Britons had discussed inheritance with family members; indicating many are failing to plan openly and in advance.
And 15% believed their parents either do not have, or did not leave, a Will.
Mark Williams, director of Amba Legal Services commented:
“There’s an old saying: ‘Where there’s a Will, there’s a war.’ This can often be true where the Will does not treat children equally.
However, a lot of the issues that can arise could be avoided simply by being open about plans and talking with affected family members about the decision-making process.
It’s not always easy to start those conversations as they can seem awkward and uncomfortable, but avoiding the subject is not the answer and could come at a price.
By planning ahead families can take advantage of inheritance tax, exemptions. They could also avoid leaving a legacy of family conflict.”
Call Amba Legal Services on 01299 251442 for advice on Wills and Estate Planning.