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Grandparents Choosing to Give Early Inheritances

August 30, 2017 Wills, Executry & Probate

Many generous grandparents are choosing to pass on early inheritances to their grandchildren, according to new research by Saga.

These financial gifts are often provided to help younger generations take the first step on the property ladder, with 9% of those questioned saying they have helped towards the cost of a house deposit. Other popular reasons for financial support include education (23%), holidays (13%) and driving lessons (12%)

In total, the Bank of Gran and Grandad has donated a total of over £37bn in funds to their grandchildren, with the size of an average gift reaching £9,365.

According to grandparents, they view the gifts as an early inheritance, with over half saying that they would rather see their relative enjoy the money than wait to leave it as an inheritance. In keeping with this generous spirit many grandparents do not specify what the money should be spent on; four in ten are happy for it to be spent on whatever their grandchildren would like to buy themselves.

Saga highlights that giving financial gifts in this way should form part of an overall inheritance plan and that giving an early inheritance can be an efficient way of passing on wealth when it comes to Inheritance Tax. However, this can be a complicated area and professional legal advice is always recommended.

Before deciding to pass on an early inheritance, it is also important that people look at their own longer term financial situation first. Always make sure you are financially secure and have enough money to fund your retirement and future care needs before choosing to assist others.

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