Living bequests rise in UK

Insurance giant Aviva found 46 per cent of people had received money from parents or relatives before they died, compared with 37 per cent who had benefited from a traditional bequest.

The majority of people who give away money before they die, or as an inheritance, do not place any restrictions on how it can be spent. But a third said they had made suggestions, while others have left specific instructions, with 7 per cent saying the cash must be used to buy a property and 2 per cent to pay for education.

The research was based on responses from 1,337 people questioned in October.