With wealth ownership concentrated in a relatively small part of the older population, one of the financial planning challenges faced by many families is how to pass it on to future generations.

According to insurer Royal London, more than £400bn worth of property is due to be passed from grandparents to the younger generations during the coming decades.

However, before Gen X and Y get too excited, they also found only a minority of under 45s of likely to benefit from this wealth transfer.

Grandparents who are homeowners expect to pass on an average of £400,000 to £500,000. The so-called 'sandwich generation' (45-65 years old) are the most likely beneficiaries of this property wealth.

Passing on this property wealth mountain in the most efficient and effective way poses some financial planning challenges, especially around inheritance tax and control of assets in later life.

Reserving ownership of sufficient wealth to cover expensive care fees will be a priority for many in this age group, whilst at the same time wanting to see adult children and grandchildren enjoying wealth in their own lifetime.