Parents keen to leave home to loved ones 'as inheritance'

The majority of retirees would like to be able to pass down their home as inheritance to loved ones, new research shows, underlining the importance of making the most of savings and writing a will.

Six in ten parents would like to be able to pass down their home as inheritance to their children, the survey by LV= showed.

A similar proportion (58 per cent) would like to hand down their savings and investments to loved ones, while wedding rings, motor vehicles and furniture also ranked highly on the list.

Worryingly, six per cent of Brits plan on using their inheritance to fund their own retirement.

LV= managing director of retirement solutions John Perks explained: "It is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement.

"Given that we are all living longer, relying on an inheritance to fund your retirement is a rather risky strategy."

Last month, Toby Harris of the Society of Trust and Estate Practitioners underlined the importance of appointing an executor for a will, who is appointed to take responsibility for dividing up inheritance.

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