See loved ones enjoy their inheritance
A growing number of people are foregoing the traditional inheritance route and choosing to pass their assets to loved ones before they die.
Younger generations are facing increasingly tough financial challenges from dealing with debts to raising the substantial deposit now required for buying a house.
As a result many older homeowners are dipping into their would-be inheritance pots to give their children and grandchildren a more immediate helping hand. And with property accounting for the bulk of their assets, many are turning to equity release as Richard Espley, Head of Equity Release at Goldsmith Williams, explains:
“Ensuring loved ones are financial protected and provided for remains a top priority for us all. However from debts to deposits, older homeowners are realising their loved ones could do with a helping hand.
“With latest figures revealing that housing equity for the over 55s is estimated at an astonishing £768.9 billion – it is not surprising that many are ditching conventional methods and releasing equity from their home to give their loved ones an early inheritance.”
Equity release allows a homeowner to unlock the funds tied up in their home whilst retaining the right to live there.
As a founding member of the Equity Release Solicitors Alliance (ERSA), Goldsmith Williams can provide the specialist legal advice required to anyone considering equity release as well as recommending a specialist equity release financial adviser if you do not already have one.
Content correct at time of publication