Inheritance is a taboo subject for the majority of Brits. The majority of Brits will not talk openly about inheritance, according to new figures.
A survey by Aviva revealed that 63% of respondents have yet to discuss the subject with their families, despite four out of ten secretly expecting to receive money through inheritance.
Talking about how much parents plan to leave in their Wills is understandably a sore subject, especially if it leads to the possibility of discussing whether they plan to release any equity from their homes.
However, despite it being an uncomfortable subject, moneyhighstreet.com reported that 76% of those questioned wouldn’t mind if their parents do release some equity in order to enjoy a better retirement. Therefore, talking about inheritance now could be beneficial to those worried their children may be upset if they would inherit less.
Aviva retirement director Clive Bolton stated that families would benefit from discussions about retirement and inheritance plans.
Speaking to 4-traders.com, he said: “Despite the British taboo of discussing inheritance, it seems that three quarters of Britons are happy for their parents to use the cash in their property to enjoy a better lifestyle in retirement.
Retirees should be encouraged to talk openly with their families about their plans and dreams for the future.
Not everyone has the funds in place to support the retirement they once thought possible and we encourage those approaching retirement to look at their full range of assets, including pensions, investments and property. Equity release could be a solution for some, as it allows people to turn the potentially dormant capital in their homes into cash without having to move, thereby helping them make the most of their retirement years.”
Despite being a touchy subject, discussing the Wills and probate system can help families avoid possible complications when loved-ones pass away. Those who are unaware of how it works may face their inheritance being passed on in a way which they don’t desire.