Fewer people expecting to inherit, finds Lloyds TSB

29 November 2004
Lloyds TSB Private Banking has found that fewer people expect to receive an inheritance.

The 'Wealth Watch' report explored the expectations of both the rich and the general public towards inheritance.

Passing on wealth to the next generation is now less important for today's well-off, with the majority (54 per cent) saying they do not feel a responsibility to pass on a financial legacy.

Additionally just a quarter of the general public think they will gain from someone's estate.

"The rich seem to be under no compulsion to pass on their wealth to the next generation, but whatever they expect to happen, it is still important to arrange inheritance tax planning," said Simon Brown, head of retail development and wealth management at Lloyds TSB Scotland.

"They may not feel obliged to bequeath money to their loved ones, but they certainly won't want to leave it to the tax man."

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