Millions are making plans around an inheritance they will never receive, research by will writing service Farewill shows.
Some 3.5million people have made financial plans to spend expected inherited family wealth, only to be disappointed when their loved ones pass away and they receive nothing.
Almost one in four 18 to 24-year olds have been blindsided by a lack of inherited funds. This drops to just over one in six for 25 to 34-year-olds.
Farewill boss says: ‘Great expectations can lead to huge disappointment if not managed properly’
The key mistakes that prevent relatives from receiving the fortune they expected is when people fail to update their wills or discuss their plans with family.
Nearly half of adults admit to never updating their will – and 47 per cent of people who have updated their will have not done so in more than ten years.
Dan Garret, chief executive at Farewill, says it is essential for most people to put a will in place to determine where their assets will go.
He says: ‘With the rise of property prices over the last four decades, the expectation of intergenerational wealth transfer is higher than ever.
‘These great expectations can lead to huge disappointment if not managed properly.’