Inheritances are under threat: don’t rely on a windfall to pay your debts

Are you banking on an inheritance to help pay off the mortgage, clear your credit card bills or prop up your pension plans?

If so, you are not alone. A recent survey suggests the majority of people in the UK are optimistic about receiving a generous inheritance, with seven out of ten saying they expect to inherit their parents’ or grandparents’ home.

The survey by vouchedfor.com – a company that puts people in touch with lawyers, accountants and financial advisers – found that six out of ten respondents said they expected to receive a future inheritance, and one in ten of them expected it to be large enough to fund a comfortable retirement.

With strong rises in house prices over the past decade or so, it is perhaps not surprising those in their 30s, 40s, and 50s remain hopeful that a future windfall could prove to be a financial cure-all.

Most in this age group don’t have the generous pensions their baby-boomer parents got.