According to a recent study, around three quarters of adults have never discussed their future inheritance expectations with their parents.
The study, by Investec Wealth & Investment, found that the main reason people avoided inheritance discussions was the fear of appearing money grabbing (48%), followed by not wanting to think about their parents dying (46%).
As a result of this reluctance, around a third of adults whose parents are still alive have no idea what their future inheritance will be. Only around one fifth of respondents said they had a very good idea of what they stand in line to inherit.
Nick Gartland, senior financial planning director, Investec Wealth & Investment, said:
“Many families find that it’s often easier to discuss the subject of inheritance with an estate planning professional, who is better placed to take a dispassionate view and provide sound advice based on their financial circumstances. As a general rule it’s better for parents and children alike to get the subject into the open and we’d encourage parents to take the lead in this regard.”