One million pick up inheritance

MORE than one million UK adults a year are inheriting money from relatives, the International Longevity Centre has revealed.

It said that each year about 2.5 per cent of Britons over the age of 16 received an inheritance. Older age groups are receiving substantially bigger inheritances than a decade ago, with the value of money passed on to those between 30 and 49 rising from £17,000 to £31,000 and over 50s being left with £60,000, double the amount in 1998. The ILC said the hike was fuelled by rising property values, adding that large portions of the money went back into property and pushed prices up further.