Only 13% of British parents have consulted a financial adviser about the best way to pass on their wealth.
Almost 6 in 10 (57%) said they were planning on consulting a financial adviser.
Over half (59%) of the parents surveyed for the LV= Wealth and Wellbeing Monitor have not written a will.
The majority (88%) of parents said they planned to leave money to their children and grandchildren in their will, but only 41% have written one.
Over half (56%) of parents said they were considering writing wealth into trust, but only 12% have actually done so.
Mass affluent savers, with assets between £100,000 and £500,000 excluding property, were most likely to have made arrangements to pass on their wealth.
Over half of mass affluent parents (51%) have a will in place and 17% have spoken to a financial adviser about the best way to pass on wealth.
The average amount written into a trust by mass affluent parents was £184,000 while more than one in five (21%) wrote more than £250,000 into a trust. In total 13% of mass affluent parents had written wealth into trust for their children.
Over 4 in 10 parents (43%) said they are planning to pass on wealth onto their children by putting money into a pension for them.
Promote your vacancy to thousands of professionals on Financial Planning Jobs
Our specialist jobs service Financial Planning Jobs can help you reach nearly 12,000 financial professionals. You can set up an Employer Profile and post your job the same day on Financial Planning Jobs (terms apply). Dozens of Financial Planning and Paraplanning firms have used our affordable service to recruit new talent.