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Recession bites into inheritance funds
05/05/2009
Solicitors in Northern Ireland are likely to see a change in trends when it comes to wills, trusts and estate planning following news that the recession has transformed the way people in British look at inheritance.
According to research from Friends Provident, nearly one in three Brits look forward to an inheritance boosting their finances but the recession has eaten into this area and reduced the funds available.
Some 44 per cent of adults expect to be left with a typical inheritance of £64,000, but in light of an average property decline of £42,500 since 2007 an estimated 61 per cent will feel the pinch of lower inheritance sums.
Despite the declines, however, only 14 per cent have actually pursued the issue of inheritance with their families and know how much their entitlement will be.
Martin Palmer, the head of corporate pensions marketing at Friends Provident, said: "People may still hope that an inheritance will fund their retirement years but our research shows this can no longer be relied upon."
Unbiased.co.uk recently stated that consumers are not well versed with inheritance tax planning and are losing billions in death taxes.
Lenore Rice, the head of the family and estates department of Wilson Nesbitt Solicitors added that "with the decrease on property values, the credit crunch has wiped tens of thousands of pounds off the value of imminent inheritances, and a lack of communication within families around inheritance could also cause a reality or expectation gap.
"Thus in the current climate, it is more critical than ever for people to review their pension savings and be realistic about what finance will be required to fund their retirement."
Contact us for legal advice
According to research from Friends Provident, nearly one in three Brits look forward to an inheritance boosting their finances but the recession has eaten into this area and reduced the funds available.
Some 44 per cent of adults expect to be left with a typical inheritance of £64,000, but in light of an average property decline of £42,500 since 2007 an estimated 61 per cent will feel the pinch of lower inheritance sums.
Despite the declines, however, only 14 per cent have actually pursued the issue of inheritance with their families and know how much their entitlement will be.
Martin Palmer, the head of corporate pensions marketing at Friends Provident, said: "People may still hope that an inheritance will fund their retirement years but our research shows this can no longer be relied upon."
Unbiased.co.uk recently stated that consumers are not well versed with inheritance tax planning and are losing billions in death taxes.
Lenore Rice, the head of the family and estates department of Wilson Nesbitt Solicitors added that "with the decrease on property values, the credit crunch has wiped tens of thousands of pounds off the value of imminent inheritances, and a lack of communication within families around inheritance could also cause a reality or expectation gap.
"Thus in the current climate, it is more critical than ever for people to review their pension savings and be realistic about what finance will be required to fund their retirement."
Contact us for legal advice
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