Britons reluctant to talk about wills and probate solicitor
However, more positively, 76% of those who responded to the survey claimed that they would still be content for their parents or grandparents to take money from their property to improve their quality of life during retirement, rather than expecting to gain all the family inheritance themselves.
A home is usually an over 55-year-old’s most valuable asset and house prices have more than doubled over the past 20 years. In May 2011, while the national average price of a house was £160,519, the average house price for over-55s was significantly higher at £231,306.
Equity releases have become increasingly popular as retirees turn to their own homes to fund their later lives.
‘At retirement’ director at Aviva, Clive Bolton said, “Equity release could be a solution for some, as it allows people to turn the potentially dormant capital in their homes into cash without having to move, thereby helping them make the most of their retirement years.”
Bolton states that although it is a British taboo for people to discuss any plans to approach a probate solicitor with their families, retirees should be encouraged to speak to their families about any plans and dreams they have for the future.News