Do your loved ones know the contents of your Will – if you’ve even got round to making one?
A new report has revealed that many Millennials are gambling on the generation game when it comes to financial planning and hoping to receive an inheritance from the Baby Boomers.
In other words, people reaching early adulthood in the 21st century are expecting to receive some sort of inheritance from their parents or grandparents born in the 1950s and 1960s.
And yet around one in four people over the age of 55 has no Will in place to ensure their inheritance goes to their loved ones.
This can lead to complications under the rules of Intestacy which could cause them extra stress both financially and emotionally while they try and sort out your estate.
And even if you have made a Will, do your loved ones have an idea of likely extent of their inheritance.
This is particularly relevant in the light of the same report by Financial Planning firm Sanlam UK looking at wealth transfer in the UK over the next 30 years.
It revealed that 11 million people aged 24-45 expect to receive some sort of inheritance, with nearly half of those believing they will get at least £50,000 in fixed assets or money.
But the report also suggests that 38 per cent of those hoping to receive this money have not yet spoken to the people they expect to inherit from!
This could lead to a discrepancy between what they hope to get and the final sum they receive – which could have a significant impact on their lives in the future.
The report reveals that nearly a third of this age group admitted they were neglecting saving for the future because they hoped to have money coming later down the line. And a similar number said they would be reliant on that money to help them with their finances as they got older.
This raises the question: Is this what YOU want to happen to YOUR money in the event of your death?
In many cases it will be your wish, but in that case, have you spelt it out in your Will to ensure your loved ones will benefit?
If you haven’t made a Will, why not get one now, and if you already have, make sure it is up to date and relevant.