People born between 1947 and 1964 often referred to as Baby Boomers have come in for criticism under a recent study by law firm Stephensons according to a recent report in the Daily Mail. It has shown that the children of the Baby Boomers are facing poverty in their old age unless they make better pension provisions. One reason given is that two out of three baby boomers say they would rather spend their wealth than bankroll the future security of their children. However one in four of their children say they are relying on inheriting the money built up by their parents to benefit them in their own retirement. There is a regional divide illustrated in the study whereby one third of the respondents in London stated their reliance on inheritance whilst in Newcastle and Manchester it was only one in ten by comparison. Another surprise in the report was that almost half of adults admit to having not discussed the contents of the Will from which they expect to inherit with the people they expect to inherit from. According to the report in many cases people are let down by the actual contents of the Will and resort to lengthy court proceedings to resolve disputes.
David Dexter of LincolnWills stated that in his experience the vast majority of clients making Wills wanted to provide for their assets, built up over a lifetime of hard work, to reach the next generations intact.
Perhaps the law firm didn’t speak to the right people!