Around a third of parents are unwilling to leave an inheritance or financial aid to their married children because they are concerned that divorce will result in the money leaving the family. The research revealed that 14% of those surveyed said that they had little or no confidence their children’s marriages would last ‘a lifetime’.
Alongside fears over divorce, respondents also said they had ‘limited confidence’ in the ability of their children-in-law to manage their financial affairs, with one in five feeling concerned that an inheritance would be wasted on unnecessary extravagances, such as expensive holidays.
In order to protect against these risks, the research found that 14% of people had decided to skip a generation and leave assets to their grandchildren, while one in six parents had chosen to leave small financial gifts to help with day-to-day living, rather than a big lump sum.
Tom Curran, Chief Executive at estate administration specialists Kings Court Trust, said: “The fact that 30% of parents want to ensure that their wealth is kept within their family is no surprise. However, if you do want to leave an inheritance to a specific person it is essential to have an up-to-date Will in place, as this is the only way to guarantee your assets are passed to the people you want to benefit from them.
By ensuring that your Will is clearly and professionally written, your estate can be dealt with as smoothly as possible, reducing the likelihood of loved ones being unintentionally excluded when it comes to inheritance.”