Inheritances will peak at £1.1tr in 2047

Beneficiaries will receive £1.1 trillion in bequests from those making a will by 2047, when inheritances will peak, it has been claimed.

Research published by HSBC has suggested that as a result of increasing life expectancy this will be the year in which the most money is left to friends, relatives and good causes, compared to £194 billion in 2015.

The average age of Brits will actually reduce the amount of inheritance that is left as a growing proportion of this sum will be expended on meeting the costs of living.

Those who receive a bequest at a later stage in their life are also more likely to spend it on goods and services that do not hold value, rather than accumulating it to pass on to their own offspring.

David Wells, head of investments, pensions and savings at HSBC, said that these figures emphasise the importance of financial planning and making a will.

Keith Johnston, director of philanthropy at the Society of Trust and Estate Practitioners recently claimed that fewer than ten per cent of Brits leave money to charity when making a will despite the fact that three-quarters support charities while they are alive.

Published by Tessa Jones