Families don’t discuss inheritance

More than half are concerned that they would appear money-grabbing, while the rest say they have not asked because they do not want to think about their parents passing away, research from Sheffield’s Investec Wealth & Investment (IW&I) has revealed.

Only 12 per cent would broach the subject if one of their parents was close to passing away, but 42 per cent would not raise the topic at all and 20 per cent only at their parents’ request.

IW&I associate director, financial planning, Darren Findlay, said: “Sadly, many parents never get round to estate planning before they pass away, which means that few if any measures can be taken to mitigate the impact of inheritance tax.”