Almost one in five adults have no plans to share their wealth equally among children, a major study has revealed.
The research, published by investment manager Charles Stanley, highlights the importance of estate planning to ensure that your wishes are carried out exactly as prescribed.
According to the report, around two thirds (68 per cent) of adults plan to divide their assets evenly. The vast majority of these suggest that the whole of their estate will be divided by the number of children they have.
However, not all families have plans to evenly distribute their estate. The survey reveals that nearly one in five (16 per cent) parents have “no intention to split their assets equally amongst children”, while the same proportion (16 per cent) have yet to decide.
In addition, just over one in 10 (13 per cent) would consider any financial support their children have already received and would divide their remaining estate accordingly to balance out the overall amounts.
In the same line of thinking, some respondents said they would take into account each child’s personal circumstances and leave less of their estate to financially comfortable heirs.
The study suggests that most adults have well-thought-out plans in mind when it comes to distributing their wealth, but recent research suggests that those who actually have a Will are in the minority.
As of October 2021, less than half (47 per cent) of adults had written a Will, meaning one in two Brits risk dying intestate. This increases to six in 10 (59 per cent) when only including women.
Where there is no valid Will, the rules of intestacy state that only the next of kin – such as a spouse, a civil partner, or children – can inherit the deceased person’s estate, meaning a cohabiting partner, a charity, or a life-long friend would not be automatically entitled to anything.
For help and advice with related matters, please get in touch with our estate planning team today.
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