Probate: Think about what you give children now

With parents and grandparents now financially supporting children for longer, it is important to consider how much they want to leave behind when they are gone the next time that they make a payment.

Research from Legal and General Investments has revealed that 27 per cent of parents think that they will never stop financially supporting their children, begging the question how much will be left to divide during the probate process.

Simon Ellis, managing director of Legal & General Investments, stated: "The cost of living is going up and the cost of raising a child is going up with it.

"This trend significantly increases the strain on parental finances and will no doubt change the way future parents save."

With assets now being used to bankroll children, parents must either look to other ways to ensure their child's financial independence or face leaving them with nothing in their will.

Encouraging children to get a part-time job, if they can, will greatly enhance their employability in the long run by providing them with key money management skills.

Starting saving early is also important, to provide funds for milestones that would otherwise eat into assets.

Published by Tessa Jones