Research by NFU Mutual has found that over three-quarters (79%) of UK adults have not discussed inheritance issues with their family.
The company is warning people that by not talking inheritance with family could lead to bitter rows after they have died.
Sean McCann, Chartered Financial Planner at NFU Mutual, said that most adults are reluctant to talk to other family members about how their wealth will be distributed after they die but this risked bitter arguments among remaining family members.
He said: “It’s not unusual to see cases where everything is left to the surviving spouse who then remarries and makes a will in favour of their new partner or due to a family dispute decides not to pass assets on to their step children.
“One option is to create a trust in a will which means people give their spouse the right to receive an income or benefit from assets during their lifetime. On their death these assets would then pass to their children.
“People often overlook the value of their pension when planning how to pass on their assets; we’ve seen situations where the value of a person’s pension funds is greater than the value of their home. The new pension freedoms have made it easier to pass these on, normally free of inheritance tax.
*ICM interviewed a random sample of 2052 adults aged 18+ via online between 21th – 30th May 2016. Surveys were conducted across the country and the results have been weighted to the profile of all adults.
