Parents go extra mile to protect wealth from children’s partners

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Millions of older parents are taking measures to protect their legacy in the event that their children divorce, a new study has revealed.

The research, published by Prudential, revealed that a quarter of parents over the age of 55 take steps to prevent their money from being passed down to their children’s partner.

Of those, just under a third said they wanted to ensure their grandchildren benefit from their wealth, while one in eight want to specify how their legacy should be used.

A further thirteen per cent said they have already sought, or intend to seek, financial and legal advice to help ensure their inheritance is spent wisely.

It added that 10 per cent want their children to obtain professional advice on receiving their inheritance.

Les Cameron, author of the study, said it’s not surprising that parents go the extra mile to protect their wealth as the number of people divorcing reaches record levels.

“With two in five marriages ending in divorce, it is easy to understand why the problem of keeping wealth within the family is a growing concern for the bank of mum and dad when they’re planning to leave money to children and grandchildren,” he said.

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