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One unexpected consequence of the Covid-19 pandemic appears to be that grandparents are looking more closely at how best to pass on wealth to their grandchildren to help ensure their family’s ongoing financial security.
Research undertaken by investment firm Killik & Co, which sought opinions from 2,006 UK grandparents, found that around 40 per cent were now intending to increase the amount of money they gave to family members with more than one in seven saying the pandemic had caused them to reassess plans about how they would pass on their assets.
Svenja Keller, head of wealth planning at Killik & Co, said: “It is understandable that grandparents feel more pressure to help their grandchildren since the outbreak of Covid-19 – but they will also need to balance this with their own needs.”
The survey follows a separate study that suggests a considerable number of UK citizens could be in line to inherit more than they might have expected.
Figures from wealth management firm Charles Stanley suggest that, on average, parents intend to pass down £124,000 to their children – which it says is almost 60 per cent more than their offspring are expecting. The figure increases with the age of parents; those over 75, for example, are on average set to pass down around £275,000.
Alex Price, director of financial planning at Charles Stanley, stressed that families needed to discuss their circumstances early if they were to avoid paying more inheritance tax than was necessary. The recent study, which took findings from 2,018 adults, showed that only around 20 per cent talked about inheritance with their families, with another fifth saying they had no idea if they would inherit anything, partly because parents are reluctant to discuss the topic.
Mr Price said: “When significant sums of money are involved, it’s important to speak to your loved ones about your intentions early, as not doing so can come at a price.”
Fraser and Fraser remains fully operational and is here to deal with any probate or missing beneficiary queries you may have during this exceptional time. Please do not hesitate to get in touch with business development manager Nick Howitt. We are able to offer all our services remotely and we have secure video conferencing facilities.