Inheritance prejudice fading, says survey

The old prejudice caused problems for the Earl of Grantham in the TV series Downton Abbey.

But chartered accountancy firm Saffery Champness says its landed estates and rural business clients – who between them own more than three million acres of agricultural land and property – have moved with the times. Only 16 per cent think it is “very important” that the estate passes to the first-born son. Another 41 per cent feel it is important but will include younger children when passing on the estate. And 43 per cent feel primogeniture to be less important than “ability, fairness and equality,” according to the survey, conducted for Country Life magazine.

The survey found 57 per cent of landowners would leave their estates to an eldest daughter; 42 per cent would provide for all their daughters to inherit; and 97 per cent do not want their children to rely on an inheritance.

Only 61 per cent were particularly concerned that their estates stayed in the family, whether with the eldest or another child.

However, 71 per cent had an heir identified.

Alison Robinson, a partner at Saffery Champness in Harrogate, said: “Factors such as a consistent rise in agricultural land values, comparable rises in residential property, longer life expectancy and a greater incidence of divorce, are all reflected in the survey results.

“Also, the diversification of landed estates from what were simply managed portfolios of let land and property, usually with a large country house at its core and with some forestry activity, has resulted in more complex multi-faceted businesses.”