£1.1 trillion to be left in wills by 2047

Research predicts that a total £1.1 trillion will be being left in loved ones' wills by 2047, compared to the £194 billion being left currently.

The figures have been drawn up via the predictions of 2,000 45 to 55-year-olds. On average, they show that £238,000 will be left by 4.5 million people in 2047.

Increased job security, the value of homes shooting up and the fact that many people will have been the recipients of inheritance already are being given as the primary reasons for the jump.

But 15 years later, HSBC's Age of Inheritance in the UK report predicts the £1.1 trillion will be cut by 50%, due to longer life expectancies, and a higher cost of living than for those of the post-war baby boomers.

On average, people may leave about £46,000 in their wills by 2015, the survey found.

But more than half of those surveyed (53%) said they thought they would pass down their wealth, and leave an average of £237,911 in their will.

The research acknowledged that as life expectancy increases, people will use more of their money to pay for the cost of living, and people will be older if and when they do receive an inheritance.

By 2062, the HSBC report predicts the total left in wills will dip to £552 billion.

For advice on issues relating to wills, trusts, probate and tax and estate planning, contact our specialist probate solicitors, call us on 01494 790007 or email enquiries@ibblaw.co.uk.