Only a quarter (28%) of over-65s surveyed had talked to their children about inheritance.
And only a third (36%) had discussed wealth plans with their partner, according to the Saltus Wealth Index.
However, two in five (38%) had discussed plans for passing on their wealth with a financial adviser.
Most respondents (91%) had made some plans for passing on their wealth, although only 45% had made a will.
Mike Stimpson, partner at Saltus, said: “While it is encouraging to see that most people have at least made some plans for passing on their wealth, a surprisingly large minority have not discussed it with their children.
“It is not uncommon for clients to say they don’t want their partner to know the extent of their wealth, however, where possible it is advisable for clients to be open and honest with their family – particularly partners – in order to make the most of tax breaks available.
"Those determined to keep their wealth from their families should certainly consider seeking professional advice.”
The Saltus Wealth Index surveyed over 1,000 investors in the UK with assets over £250,000.
Financial Planners should build in compulsory ‘family updates’ from clients at each review meeting to kickstart the conversation on inter-generational wealth transfer, a leading Chartered Financial Planner told Financial Planning Today in September.
More than 11.6m people have received an inheritance in the past 10 years, with 47 the average age at which people receive a windfall, according to research by retirement specialist Key earlier this year.
Parents were most likely to leave the biggest inheritance with an average sum left of £65,600 while grandparents on average left £24,200, the study found.
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