Many Brits have already received their inheritance
One in five Brits have already received their inheritance after going cap in hand to mum and dad, it has been claimed.
According to new figures from Skipton Financial Services (SFS), a new generation of 'need it now, not as inheritance' youngsters are getting their legacy cash in advance to help them pay off mounting debts and get a foot onto the property ladder.
Unemployment, university fees and weddings and honeymoons are also common reasons why many young Brits are asking their parents for cash early.
SFS claims that 16 per cent of under-35s has had close to £50,000 worth of support from their parents, while one in ten have had more than £100,000.
The mutually-owned financial adviser claims that as a result, many parents (one in 20) will only have property to pass onto their children when they die, because their liquid assets have already been accounted for.
Andrew Barker, managing director of SFS, said: "It is particularly scary that, whilst almost two thirds of youngsters are expecting to receive an inheritance, for the vast majority of these it is purely an assumption."
Some 21 per cent of over-50s told SFS that they do not plan to pass on any inheritance to their offspring, with almost a third claiming this is the case because they have already helped out their children financially.
Offloading cash earlier could help families avoid inheritance tax, however.
Inheritance tax currently stands at 40 per cent, but it can be avoided - or at least the impact of it reduced - with adequate estate planning.
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