Survey discloses U.K. ‘inheritance rights’ views

Two-thirds hope to leave inheritance to family
March 12, 2009
London Evening Standard
http://www.thisislondon.co.uk/money/article-23779119-two-thirds-hope-to-leave-inheritance-to-family.do
Two-thirds of people expect to leave an inheritance for their relatives when they die, handing over nearly £200,000 each, a survey showed today.

Around 66% of people aged over 55 said they hoped to leave money to their loved ones, with people valuing their estates at an average of £197,900, according to insurer Aviva.

Six out of 10 parents said they wanted to leave money to their family to help them, while 46% said they wanted to pass on their home.

Only 41% of people said they expected to receive an inheritance from their parents, with 39% saying they would rather they used their money to improve their own lives.

But 79% said they thought they would receive a family heirloom or item of sentimental value in their parents’ wills.

Just over half hoped to inherit the family home, with 39% expecting to be left jewellery and the same proportion anticipating being given cash.

Around 57% of those aged over 55 who did not think they would leave an inheritance for their family said it was because they did not have enough money, with only 10% saying it was because they wanted to enjoy their cash themselves.

People in the South East are most likely to be planning to leave an inheritance, at 80%, while those in London think they will leave the most behind, at an average of £284,976.

At the other end of the scale, only 50% of people in Northern Ireland expect to leave money for their family when they die, while those in Yorkshire think they will leave the least, at around £146,446.

Treasury chief secretary Liam Byrne said: “This survey just goes to show the vast majority of people don’t pay inheritance tax.

“The Tories need to explain why, in difficult times, they are prioritising a tax giveaway of £200,000 for the richest estates and nothing for 98% of the population.”