Recent research has uncovered that over 11 million individuals around the UK have received funds from inheritance in the last 10 years. The figures found by the research also revealed that the average age of a UK inheritor is 47, and it highlighted areas of the country that show an increased likelihood of receiving a windfall via inheritance.
People who were based in the UK capital, England’s South West and those living in Northern Ireland were revealed to be more likely to be beneficiaries of an estate. However, at the lower end of the scale, those in England’s North West and South East were discovered to be least likely to be awarded inheritance.
Nationally, figures indicate that more than one in every five adults here in the UK has received money through inheritance. This figure rises to nearly one in every three among adults aged between the ages of 65 and 74.
Statistics revealed that over half of those who had received an inheritance within the last 10 years were bequeathed monetary gifts by their parents, while 19 percent received money from their grandparents. While 16 percent were left funds by aunts and uncles, 13 percent received cash from friends of their family.
From inheritance tax worries to effective estate planning, UK consumers can obtain expert advice from retirement planning specialists in Chester, Manchester and other UK cities. Wealth managers can offer strategies that mitigate how much tax must be paid by beneficiaries, allowing their clients to make sure those they leave behind have sufficient provisions.