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Credit crunch shrinks inheritance funds

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by David Masters
Credit crunch shrinks inheritance funds

The credit crunch means that many Brits will have to leave their families with a smaller inheritance than they’d hoped.

Sixteen million Brits will now have less money to give away when they die, according to new research by Lincoln Financial Group.

Twenty six percent of those surveyed by Lincoln said the impact of the credit crunch on their legacy has been ‘severe’, dramatically reducing the wealth they intend to pass on.

Meanwhile, half of those polled said they will not be leaving any inheritance.

Simon O’Connor, Lincoln’s head of products and marketing, said: “In the current economic climate, people are finding that the amount they set aside to leave to their families is dramatically decreasing.

“Falling stock markets and the reduction in house prices for instance means that people need to carefully plan ways of ensuring they are able to provide as much inheritance as possible for their family.”

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News posted: March 18, 2009

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