More than a third of consumers in the dark about their parents’ inheritance plans

Over the next few decades, billions of pounds of assets will be passed down to younger generations, known as ‘The Great Wealth Transfer’.

Yet despite this wealth making its way down the financial path, more than a third (36%) of Brits are in the dark when it comes to knowing about their parents’ inheritance plans.

Receiving generations – including Generation X and Millennials who are likely set to be the first to inherit Baby Boomers’ fortunes – are left with an alarming lack of clarity or knowledge as to what their predecessors’ inheritance plans are. This could leave them questioning what they themselves will inherit, if anything, but also susceptible to potentially costly tax bills.

• 36% of Gen X (aged 44-59) consumers do not know what their parents’ plans are when it comes to inheritance

  • Of this, 23% say their parents have never spoken to them about their plans

  • 13% don’t know because they are either estranged from their parent(s)/ their parents have passed away/ they have no relationship with their parents

• 27% of millennial (aged 28-43) consumers do not know what their parents’ plans are when it comes to inheritance

  • Of this, 24% say their parents have never spoken to them about their plans

  • 3% don’t know because they are either estranged from their parent(s)/ their parents have passed away/ they have no relationship with their parents

• And with a fifth (21%) of Baby Boomers revealing that they don’t have a will in place, this leaves loved ones in the dark over how to best manage their financial affairs. Additionally, instead of assets being split according to Baby Boomer’s wishes, they will be distributed according to the rules of intestacy, where the law decides who inherits their property and money.

Lisa Caplan, Director of CSD Advice and Guidance at Charles Stanley, part of Raymond James Wealth Management, comments: “Passing on wealth and inheritance takes careful planning and consideration. Not only does it ensure that there won’t be any unexpected or avoidable tax bills, but also that everyone involved knows what to expect. What’s clear from our research is that not everyone is in the loop when it comes to inheritance planning. This leaves the door open to families finding themselves having to settle unnecessarily large or unexpected tax bills, or even jeopardising hopes to pass on wealth to their loved ones.

“With thresholds frozen until 2030, and pension assets being included in estates from 2027, the number of families finding themselves having to pay IHT on their loved ones’ estates is set to grow sharply. It’s critical that people understand the value of their estates, have plans in place for how they will pass wealth on, and, importantly, communicate this with their family. Professional advice can prove extremely useful in the case of IHT, in terms of planning and communication, so everyone understands what may or may not be coming to them.”

Methodology:

The research was conducted by Censuswide, among a sample of 3,001 ‘mass affluent’ consumers, aged 18+ (defined as those earning above the UK average pre-tax salary (£33,000) AND with at least £1,000 in accessible cash/savings). The data was collected between 14.02.2025 – 21.02.2025. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct and ESOMAR principles. Censuswide is also a member of the British Polling Council.