According to a recent report by USA Today, only around 1% of senior citizens in China have written a will or conducted some other form of inheritance planning exercise, which is beginning to cause problems regarding the transfer of wealth.
New research from the Institute for Fiscal Studies (IFS) has found that younger generations are likely to inherit much more wealth than their predecessors did, both in absolute terms and relative to their other sources of wealth. However, within each generation, those who are already well off tend to inherit the most, and this has implications for inequality and social mobility.
