06 April 2010
Benefactors like to know how Wills are spent
There is an increasing trend towards benefactors wishing to know how the money they leave will be spent.
This is according to research conducted by Aviva, which suggested that so-called 'pre-inheritances' are rising in popularity. Such financial arrangements are made when people pass some of their estates on to beneficiaries before they die.
The firm which describes itself as the fifth-largest insurance group in the world, revealed that 46 per cent of adults polled said they had received a pre-inheritance.
This is compared to 37 per cent who had been given a more traditional inheritance in the Wills of family members.
Responding to the findings, Aviva's Clive Bolton stated: "Alongside the obvious benefits of cutting the amount of money liable for inheritance tax, it also seems many benefactors like to see their money being enjoyed whilst they are still alive."
It also enables people to have some influence over how the money is spent, the expert added.