More than a third, 36%, of Gen Xers aged between 44-59 are in the dark when it comes to knowing about their parents’ inheritance plans.

Of them, 23% said their parents have never spoken to them about their plans, according to research from Charles Stanley.


More than one in 10, 13%, said they don’t know because they are either estranged from their parents, their parents have passed away or they have no relationship with their parent.

Only 27% of millennials aged 28-43 said they do not know what their parents’ plans are when it comes to inheritance.

Almost a quarter, 24%, said their parents have never spoken to them about their plans with just
3% not knowing because they are either estranged, their parents have passed away or they have no relationship with them.

With a fifth, 21%, of Baby Boomers saying they don’t have a will in place, loved ones will be left in the dark about how to manage their parents’ financial affairs. There’s also the risk of assets being distributed according to the rules of intestacy.


Lisa Caplan, director of CSD advice and guidance at Charles Stanley, part of Raymond James Wealth Management, said: “What’s clear from our research is that not everyone is in the loop when it comes to inheritance planning. That 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.”

She said that 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.

Ms Caplan said: “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.”

• 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 and 21 February.