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\t\tChildren could face heavy tax burdens if parents fail to tell them inheritance plans\t<\/p>\n\t\t\tMonday 15 September 2025 6:15 pm\n\t\t\t<\/p>\n
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\t\tChildren could face heavy tax burdens if parents fail to tell them inheritance plans\t<\/p>\n
Parents are choosing not to tell their children about their inheritance plans, leaving them at risk of being slapped with unexpected tax bills, new research has found.<\/p>\n
According to investment manager Charles Stanley<\/a>, more than a third of Brits have an alarming lack of knowledge of how their parents plan to pass down wealth, despite advisers expecting billions of pounds of assets to be transferred to the younger generations over the next few decades.\u00a0<\/p>\n In particular, Gen X, who are the first in line to inherit Baby Boomers\u2019 wealth, are often left in the dark, with 36 per cent having no idea of their parents\u2019 plans.<\/p>\n Nearly a quarter had never discussed the topic with their parents.<\/p>\n Meanwhile, 27 per cent of Millennials were unaware of any inheritance intentions.<\/p>\n No will, no idea <\/p>\n However, a fifth of Baby Boomers admitted to not having a will in place<\/a>, ultimately leaving loved ones scrambling to manage their financial affairs after they have passed away.<\/p>\n Additionally, failure to write a will prevents assets being split according to personal wishes, leaving them instead to be distributed according to the rule of intestacy, where the law decides who inherits a person\u2019s property and assets.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tRich parents fear children will squander inheritance<\/a><\/p>\n Lisa Caplan, director of CSD advice and guidance at Charles Stanley, said: \u201cNot everyone is in the loop when it comes to inheritance planning.\u201d<\/p>\n \u201cThis leaves the door open to families finding themselves having to settle unnecessarily large or unexpected tax bills, or even jeopardising hopes <\/a>to pass on wealth to their loved ones.\u201d<\/p>\n IHT changes<\/p>\n Many will also find themselves subjected to looming inheritance tax changes<\/a>, and a lack of clarity surrounding their parents\u2019 plans could lead them to inheriting even less.<\/p>\n