Make a will to fund children's retirement

A recent study has suggested that parents may want to consider making a will to pay for their children's retirement, as many rely on their inheritance to support them once they leave work.

Research from Standard Life showed that many individuals are unprepared for retirement, with almost one-quarter of people (24 per cent) saying that they planned to pay for this stage of their life with funds they inherited.

"Relying on certain sources of income, for example an inheritance, could leave you short changed, so seeking the right financial advice early on and taking practical steps to ensure you don’t have all your eggs in one basket may prove a prudent move in later years," John Lawson, head of pensions policy at Standard Life, said.

In addition, over 40 per cent of those questioned planned to fund this period of their life with investments, while 23 per cent of individuals aim to use rental income or sell a property.

The importance of making a will to provide for one's children and avoid litigation was also shown by a recent court case. Heather Llott launched a legal battle when she was left out of her mother, Melita Jackson's, will.

Published by Hannah Carr