Property and money are the assets that Brits most want to pass down to their children, followed by engagement and wedding rings, but how many forget to say so in a will?
A new report from LV= shows that property and money are the assets that most want to pass down to their children, although 40% want to leave their children their engagement and wedding rings.
Other assets to be left as part of an inheritance include watches, music collections, motor vehicles, pictures / paintings and antiques.
Just 3% of Brits say that they are not planning to leave anything to their family
That said, a quarter of people say they do not expect to receive any financial inheritance and less than half are banking on receiving an inheritance to help prop up their finances.
Of those expecting an inheritance, the most common planned uses are retirement funding, as a boost to a savings and paying off existing debts and loans.
It’s not just about tangible assets though. Non-tangible assets to be passed on include good manners, good behaviour, good values, good social skills and a good education and also money management skills.
John Perks, LV= Managing Director, Retirement Solutions said: “This research highlights a disparity between the number of Brits who are planning to leave some kind of financial asset behind for their family and those who believe there will anything left for them to inherit – this suggests that many may be pleasantly surprised.
“However, it is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement. Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy. In order to ensure a comfortable retirement, it is essential that people start saving as soon as possible.
“If people do want to leave an inheritance for their family, it is important to seek expert advice on the relevant financial products that can help, and make a will as early as possible so that their intentions for their assets will be followed.”
MoneyHighStreet comments: “If you are planning to leave specific items for family or friends to receive as inheritance, be sure to make your wishes clear in your will. Within this you also need to name the executor or executors, they will in all probability need to get a grant of probate to deal with your affairs once you have passed on.
If you do have high value assets, don’t just concentrate on the future, think about today and whether you have enough insurance for them or whether you are underinsured. A recent study showed that nearly 7 million homes are underinsured as they underestimate or don’t update the value of their possessions. Make sure you aren’t one of them.