Over 55s benefit most from the "Age of Inheritance"

Those aged 55 and over have, to date, received the highest proportion of inheritance and also collectively plan to leave the most, reveals a new report by HSBC.

Once this wealth has been passed down, forecasts suggest that the level of inheritance to be received in the UK by future generations is set to fall dramatically, as the value is eroded by the rising cost of living and life expectancy.

The Age of Inheritance Report shows that inheriting wealth is set to peak in 2047, with £1.1 trillion being left to beneficiaries.