Brits fear debt after death
Britons are increasingly worried wills may pass on debts from one generation to the next.
With increasing lifespans and the cost of care rising, more than four in five (86 per cent) of under-35s are worried about the contents of their parents' will, with seven young UK residents in ten most worried about inheriting debt, figures from AA Legal Services show.
"Recent concern over the cost of care homes, equity release schemes and growing consumer debt among the elderly are changing the way many young people view the concept of inheritance," James Molloy, head of AA Legal Services.
"As young families take on bigger and bigger debts to get a foot on the property ladder, few are banking on a future inheritance to help clear the mortgage."
Figures from Saga show long-term care can cost more than the £25,000-a-year price of sending a child to Eton.
And poor communication within families is increasing these fears of inheriting debt.
More than one parent in four (28 per cent) over the age of 55 have not told their children about their will, with half of these having no plans of sharing this information before they die.
But fears of debts and ignorance about what is being passed on have not seen younger Britons make wills themselves.
Only one couple in five with children under 11 have made a will, a particular concern for mortgage holders.
"It is alarming that so few young couples have made a will," said Mr Molloy.
"On buying a home it should be one of the first tasks that is undertaken, but our research is telling us that writing a will is usually lost in the excitement of choosing new carpets and opening the tin of magnolia paint."
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