So-called leapfrog wills are an emerging trend, as grandparents start to favour grandchildren over children when splitting out their estate, according to new findings.
Helping grandchildren get on the property ladder
The survey of 1,000 people aged 40-plus across the UK by QualitySolicitors, highlights that more than one in ten (11 per cent) plan to give their grandchildren a bigger share of their estate than their children. When asked why, over a third (37 per cent) gave soaring property prices as the main reason for this decision, as they felt their grandchildren would benefit more from an inheritance than their children who were already on the property ladder.
Many people’s adult children are financially stable
Gill Bowskill at QualitySolicitors says: "Until recently, it was quite rare for people to specify grandchildren over children in a will. However growing financial pressure on millennials seem to be leading their grandparents to consider how they can help. In an ageing population, many people’s adult children are financially stable so a so-called leapfrog will makes a lot of sense.
"Our advice is to always consult an expert before writing anything into your will, particularly if your grandchild is under the age of 18 years, to avoid any complications further down the line."
When there's a will
The research also reveals that over half (51 per cent) of over 40s – 37 per cent of which are over 55 – don’t have a will at all, which could lead to unnecessary family disputes and distress later down the line. Of these, over a fifth (21 per cent) said they didn’t believe they have anything of value to add into it and more than one in ten (11 per cent) blame the fact they wouldn’t have a clue where to start with making one.
Gill adds: "It’s worrying to see just how many people don’t have a will in place, as this could cause unnecessary stress to loved ones later. Our message is simple - dealing with a will doesn’t need to be as daunting as it might seem."
- Yours Retirement Services can help you draw up a will. Click here to find out more.
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