Fewer people to leave their property as inheritance

By Lenore Rice

The number of people in Northern Ireland and the rest of the UK planning to sell or rent their property in order to fund their retirement has risen to a record high according to new research.

Nearly 5 million people are planning to fund their retirement with the sale proceeds or rent generated from their current home. Declining confidence in the ability of annuities from pension pots to make ends meet in retirement is thought to be behind the increase in people turning to their property.

Traditionally the family home was viewed as the principal asset to be passed along as an inheritance in a Will to family or loved ones. The cost of retirement means that fewer adults in the UK intend to leave an inheritance compared to previous years. There has however been an increase in lifetime gifts being made to children, with people taking the view that their help is needed sooner rather than later.

Gifting can have certain ramification in terms of tax, and also for nursing fees later on in life. It is important to take legal advice when considering a gift to ensure you do not unwittingly prejudice yourself or the person you are making the gift to.

For legal advice in respect of making a Will or gifting contact one of the solicitors at Wilson Nesbitt in Belfast by calling 0800 840 9293. Alternatively you can submit your details online by clicking here and we will call you back.