Almost 6 in 10 (57%) said they were planning on consulting a financial adviser.

Over half (59%) of the parents surveyed for the LV= Wealth and Wellbeing Monitor have not written a will.

The majority (88%) of parents said they planned to leave money to their children and grandchildren in their will, but only 41% have written one.

Over half (56%) of parents said they were considering writing wealth into trust, but only 12% have actually done so.

Mass affluent savers, with assets between £100,000 and £500,000 excluding property, were most likely to have made arrangements to pass on their wealth.

Over half of mass affluent parents (51%) have a will in place and 17% have spoken to a financial adviser about the best way to pass on wealth.

The average amount written into a trust by mass affluent parents was £184,000 while more than one in five (21%) wrote more than £250,000 into a trust. In total 13% of mass affluent parents had written wealth into trust for their children.

Over 4 in 10 parents (43%) said they are planning to pass on wealth onto their children by putting money into a pension for them.