A recent survey found that around 1 in 5 of adults aren't planning to leave inheritance to their children and further declines are expected. Other surveys suggest that most adults currently rely upon inheritances to fund their retirement and pay off debts.
What do these statistics suggest for the litigation landscape? More inheritance disputes, as children seek financial provision of their parents' estates.
In a world of diminishing inheritances, quick probate property sales are vital: a Proffered case study A recent survey shows that 18% of adults aren’t planning to leave an inheritance to their children, and reveals that further declines are to be expected. The survey, conducted by Opinum shows that 7% will instead leave their estates to grandchildren, or other family members, to avoid monies being subject to inheritance tax twice. But further studies have also revealed that most adults will rely on inheritances to fund retirement and pay off debts, with 1 in 5 beneficiaries planning to use their inheritance to pay off mortgages and 16% planning to supplement retirement funds with inheritance payouts.