Is Christmas eating into inheritance?

With 56 per cent of over-50s paying for their family's entire food and drink bill this Christmas, Brits may want to consider the impact of the festive period on inheritances.

Numerous over-50s are bucking financial trends and making sure that loved ones have the best possible Christmas, according to research by Saga.

This December, older adults are expected to spend approximately £896 million on festive food shopping alone, with only three per cent of those surveyed claiming that they will be spending nothing at all this Christmas.

While families will undoubtedly enjoy the generosity of loved ones on the big day, some thought must be spared for the impact this spending will have on inheritance.

Many older adults splashing the cash will be doing so using life savings and assets that would have formed part of their probate estate.

Dipping into savings and liquidating assets to fund festive activities will also require wills to be updated to reflect changing circumstances.

Published by Jessica Shervin