Only half of Brits intend to leave an inheritance to their families

16 million Brits believe the recession has reduced the wealth they intend to leave their families, according to a new study from Lincoln Financial Group.

Only half of the population expects they will be able to leave an inheritance and a quarter (26 per cent) say the impact on their legacy is severe, with a dramatic decrease on the assets they intended passing on.

In terms of maximising the legacy people intend to leave to their family, a shocking 39 per cent say they are not taking any steps to ensure they leave behind as much wealth as possible.

Simon O'Connor, Head of Products and Marketing, at Lincoln Financial Group commented: "In the current economic climate, people are finding that the amount they set aside to leave to their families is dramatically decreasing. Falling stock markets and the reduction in house prices for instance means that people need to carefully plan ways of ensuring they are able to provide as much inheritance as possible for their family."

However, the research reveals that there are some Brits who are aware of the need to maximise their inheritance and the most popular steps these people are taking are as follows:

What are some Brits doing to help maximise the inheritance they leave behind?

1. Nearly a third (30 per cent) have (or plan to) taken out a life insurance policy.
2. A fifth (21 per cent) are spending less and saving more.
3. 18 per cent have or will review their investments and shares.
4. 7 per cent said they have or will remortgage or downsize their property.

O'Connor continues, "It is good to see that many people are considering taking out life insurance policies to ensure their families are provided for. Lincoln's Financial Foundations protection product can be written into trust and can therefore not only provide valuable life cover throughout a person's lifetime, but also help maximise the amount of inheritance left to loved ones in a tax efficient way."