Changing Attitudes Towards Inheritance

Attitudes towards leaving an inheritance appear to be changing, with fewer people seeing the passing on of assets to the next generation as a priority.

A recent report by the Insured Retirement Institute in America has revealed that despite the fact that more people are putting plans in place for their retirement, fewer said they considered it important to leave something behind for their loved ones. In previous studies, as many as two-thirds had said they thought it important to leave an inheritance, but in 2014 this figure had fallen to 46%.

These findings support a 2013 UK study by Aviva, which found that only 7% of people in the over-55 age group considered leaving an inheritance to be a top priority, while almost a quarter of pre-retirees did not expect to be leaving an inheritance at all.

Interestingly, expectations towards receiving an inheritance continue to be relatively high. A study by Interest.com, again from America, found that 25% of people between the ages of 18 and 59 have firm inheritance expectations, with the median amounts projected to be involved ranging from US$50,000 to $100,000.

However, regardless of the size of inheritance you plan to leave behind, the importance of having a legally valid Will remains the same. Writing a Will is the best way to protect your loved ones by ensuring your estate is distributed in accordance with your wishes.

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If you are thinking of contesting, making or updating a Will then it is important to seek expert legal advice as quickly as possible. Contact Szabo & Associates Solicitors today and speak with one of our specialist solicitors. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.