79% of UK adults have not had a conversation with family about their inheritance, according to research by NFU Mutual.
The organisation is warning people that by not talking inheritance with family could lead to bitter rows after they have died.
Sean McCann, chartered financial planner at NFU Mutual, said: “Most adults are reluctant to talk to family about how money and other wealth will be passed on after they die, unfortunately by not talking about it bitter disputes can erupt, potentially lasting for generations.
“It’s not unusual to see cases where everything is left to the surviving spouse who then remarries and makes a will in favour of their new partner or due to a family dispute decides not to pass assets on to their step children.
“One option is to create a trust in a will which means people give their spouse the right to receive an income or benefit from assets during their lifetime. On their death these assets would then pass to their children.
“People often overlook the value of their pension when planning how to pass on their assets; we’ve seen situations where the value of a person’s pension funds is greater than the value of their home. The new pension freedoms have made it easier to pass these on, normally free of inheritance tax.
“Talking to family about inheritance plans can help manage expectations and avoid painful and potentially costly disputes.”
