Research Shows Older Generation Want Children to Spend Legacies Wisely
It is noteworthy that a new report has shown that those aged over 55 wish to exercise some control over how their children will spend their money, when they have died.
The report by the Prudential has shown 77 per cent of people in this age group want to have an element of control to ensure a lifetime’s wealth is not squandered.
The research has shown 12 percent of parents wish to specifically set out how the money is spent, whilst many more have said that they will instruct their children as to the best method of ensuring the money is protected.
Unquestionably, such matters are pressing in the minds of those who have benefited greatly from economic and professional hard work and good fortune. After all, the rapid rise in property prices, which have had such an impact on people’s lives both positively and negatively in the past generation, has changed modern life in our part of the world beyond recognition in recent decades.
As the capital has taken on the status of one of the world’s leading cities for property investment in the past couple of decades, affluence has been a natural by-product.
After all, most of us of a certain age, can remember, whilst London property was always more pricy in comparison to the other regions, still being affordable to get a foot on the ladder back before the Millennium arrived. Now even the highest paid young professionals have to move out further and further as property costs have gone into orbit or instead rent.
The Prudential’s report also demonstrated how many of the older generation are concerned that their wealth could be lost to a child’s partner if the relationship ends in divorce. Almost a third has also stated they want their grandchildren to benefit from the inheritance.
The report concluded that there is now a great desire to hold onto family wealth. It is understandable with so many marriages ending in divorce that there are conundrums for all families lying ahead.
It all means that wills, tax planning, trusts and a reliable expert solicitor is now of greater need than ever.
Wills and trusts experts in London like Pindoria Solicitors are much sought after as we take the time to really analyse what is best in individual cases. General advice is no good to anyone, only giving a vague idea of what should be done.
The sums tied up in many families are life changing. They cannot be left to guesswork. Those best at holding onto their wealth appreciate this.
If you wish to know more about the issues raised in this blog, we at Pindoria Solicitors are happy to help.