Young families asking for inheritance

Young families asking for inheritance

Written by Elissa Hayes

Around one in five Brits have already received part of their inheritance from their parents, according to a new study.

Research from Skipton Financial Services (SFS) has suggested an increasing amount of families are turning to their parents for financial support before they pass away.

It was indicated that 16 per cent of under-35s have already received around £50,000 from their parents whilst one in ten have been given a six-figure sum.

Myfinances.co.uk report that many are asking for early inheritance to help them put a deposit on a home whilst others require support for weddings, large debts or long periods of unemployment.

This could leave many wills and probate solicitors with much simpler tasks to perform when the time comes to probate the wills of these parents.

In an interview with The Daily Express, SFS managing director Andrew Barker claimed to be far from surprised with the survey’s results.

He said: “It is no surprise that with inflation well above expectations, rising taxes, university debt growing by the year and mortgages much more unaffordable than before the credit crunch, young people are more and more desperate for a financial helping hand from their parents.

“Whereas in the past they would have been and grateful to wait for any inheritance that could come their way, a growing number are expecting and relying upon their inheritance earlier and earlier.”