Millions of people are making plans around an inheritance they will never receive, research by will writing service Farewill shows.
Some 3.5 million people have made financial plans to spend their expected inherited family wealth, only to be disappointed when their loved ones die and receive nothing.
Almost one in four 18- to 24-year-olds have been blindsided by a lack of inherited funds. This figure drops to just over one in six among people aged 25 to 34.
Farewill boss says: “High expectations can lead to great disappointment if not managed properly”
The key mistakes that prevent family members from receiving the fortune they expected is when people do not update their wills or discuss their plans with family.
Nearly half of adults admit to never having updated their will, and 47 percent of people who have updated their will have not done so in more than ten years.
Dan Garret, CEO of Farewill, says it’s essential for most people to write a will to determine where their assets will go.
It says: ‘With house prices rising over the last four decades, the expectation of intergenerational wealth transfer is greater than ever.
“These high expectations can lead to great disappointment if not managed properly.”