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Inheritors 'should seek financial advice'
20 May 2008
People who inherit large sums of money should seek professional advice, claims an independent finance company.
Research by the International Longevity Centre (ILC) revealed that more than a million adults in the UK are inheriting money from their relatives and this amount of money is increasing.
According to a study by the BBC, the average sum of money inherited by a person more than doubled from £21,000 in 1997-98 to £44,000 in 2003-04.
With more people inheriting larger sums of money, it is important they should be cautious and not rush into any risky investments, claims Fool.co.uk.
David Kuo, head of personal finance for Fool.co.uk, said: "Not everyone is comfortable with handling large sums of money.
"If you have inherited a substantial legacy by all means seek professional advice. But it is important to remember that you don’t need to take huge risks with your inheritance to make the money grow."
Research by Barclay's Wealth revealed that two in three people in the UK have no will prepared.
