- Nearly half of baby boomers plan to leave a home in their will, study finds
- More than two thirds of these properties are already mortgage free
- Farewill also analysed trends in charity giving, treasured possessions and more
Many millennials are in line to inherit a fully paid-off property from older generations, research into recently written wills reveals.
Nearly half of baby boomers, born between 1946 and 1964, plan to leave a home in their will and two thirds of these properties are already mortgage free, according to analysis of thousands of wills made last year with Farewill.
Only a third of the post-war generation born before 1945 have a property to bequeath, although 90 per cent of those able to do so own their homes outright, according to the will writing service.
Property ownership: Many millennials in line to inherit mortgage-free homes from baby boomer generation, study of wills finds
The figures reveal that millennials are likely to strike gold with their inheritance, which will come as a welcome gift, says Farewill.
While 45 per cent of millennials, born between 1981 and 1996, included a property in their will last year, just 13 per cent owned it outright, the firm found.
Home ownership is most prevalent among Generation X, born from 1965 to 1980, but the vast majority are also still burdened with a mortgage.
‘In a year where financial constraints tightened for many, bricks and mortar remained popular amongst Brits’ wills,’ says Farewill.
‘Baby boomers are far and away the most generous when it comes to leaving property.’
Farewill analysed anonymised wills made via its service to work out property ownership trends across the generations – with Gen X most likely to own a home, but still indebted to lenders
‘Despite the cost-of-living crisis, people are still able to leave property to their loved ones in their wills,’ says chief executive Dan Garrett.
‘With nearly half of Baby Boomers leaving property in their wills, this gesture could significantly impact millennials, a generation struggling with homeownership due to financial constraints.’
He adds that his firm’s analysis of wills underscores the generational differences in property ownership, but also the potential for wills to address some aspects of the housing affordability crisis, and the socio-economic shifts between generations.
The firm’s study also found:
– Charity gift giving was as high in 2023 as previous years, despite the increase in the cost of living
– More than one in four will writers left a gift to charity in their will
– Generation Z, born 1997 to 2012, were most likely to leave a gift to charity
– Some 31 per cent did so, though Farewill suggests this is because they are less likely to have young dependents
‘Making a will may fill you with dread and nausea – but do it anyway…’
Stephen Gold is a retired judge and author who has written popular series for This is Money.
In a two-part guide, he explained how best to ensure your last wishes are followed, and how to avoid common blunders when writing a will.
He also wrote about how to be a successful executor after undertaking the duty for his beloved late aunt.
Gold covered the frustrating process that eventually saw him force a string of banks, finance firms and institutions to pay compensation for unacceptable errors and delay.
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– The financial squeeze affected how many left stocks and shares in wills, down 14 per cent on 2022
– More than 37 per cent left a plan for a pet in their wills, up 7 per cent on the year before
– Jewellery was the most common treasured possession left in a will
– Gen Z was less likely to leave jewellery, but far more likely to leave clothes, shoes and other miscellaneous items than older generations
– Gen X was 50 per cent more likely to leave a watch than any other generation.
Writing a will? How to get started
Farewill offers the following tips.
Start by asking yourself these questions and get them down on paper.
Who do I want to inherit my money and property?
What do I want each of my loved ones to get?
Do I want to leave money to charity?
Are there any specific gifts I’d like to leave people?
Make a list of people you trust, as your will lets you name legal guardians for your children, who should look after your pets, and your executors who will sort everything out when you’re gone.
This might include your partner, children, parents, siblings and your best friend.
