Did you know that 90% of people in the UK are hoping, and relying on inheritance, for their financial future and security? According to the Institute of Fiscal Studies, Millennials and Gen Z in particular will be worse off than previous generations due to higher costs of living, rising house prices and low wages with little rises. These factors mean that in later life, Millennials will become more reliant on inheritance funds when they are older.
Inheritances will also be used by many generations to carry out large transactions like purchasing property, paying debts, or helping raise children. It is…