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Most Brits want to pass on property to their kids

Wednesday, 7 September 2011 12:21 PM

Property tops the list of financial assets that most people want to pass down to their children, according to a new study by protection and retirement specialist LV=.

Some 59 per cent of British adults say they would like to bequeath their main home, while 58 per cent will pass on savings and investments and 43 per cent their wedding or engagement ring.

However, the survey also shows that only 42 per cent of people are banking on receiving an inheritance. People in the North-East (55 per cent) are the most likely to rely on one to boost their home while those in Northern Ireland (34 per cent) are the least likely.

John Perks, LV= managing director, retirement solutions, said: "This research highlights a disparity between the number of Brits who are planning to leave some kind of financial asset behind for their family and those who believe there will anything left for them to inherit – this suggests that many may be pleasantly surprised.

"However, it is quite worrying to see that of those who are relying on an inheritance, one of the main reasons cited is the funding of their retirement.”

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