New research by insurers Royal London estimates that around £400 billion is likely to be passed down in the wills of older people in the coming decades – with much of that wealth in the form of property.

The survey asked over 5,600 older, middle and younger adults about their plans and expectations around receiving an inheritance.

The typical estate that interviewees expected to leave or be left averaged between £400,000 and £500,000.

So who will be the biggest gainers from this wealth cascade?

Not unexpectedly, the next generation down – the so-called “sandwich generation” (45- to 64-year-olds) – look set to be the biggest recipients, but around half of grandparents also plan to pass on wealth directly to grandchildren.

Grandchildren are also likely to benefit as their parents pass down some of their inheritance.

What the figures do point to is a growing gap between those families with property capital to pass on to future generations and those who do not – decreasing the chances of social mobility.

With such a high percentage of the nation’s personal wealth now tied up in property, and the growing barriers to getting onto the property ladder, inheriting from a grandparent or parent may be many younger people’s only opportunity to raise a deposit for a home.

Many grandparents as well as parents also now play a key role in helping their family members through college, helping to reduce the debt they carry into their working lives.

So how might all affect your future plans?

Factoring in a future inheritance, or (conversely) deciding how much you can afford to pass on to your family during your lifetime can be highly problematic as many people heading into older age may well need expensive care in their later years.

But there is a simple way to get a firm grip on all your choices: the Premium version of the RetireEasy LifePlan has a simple to use “scenario function”.

First, key in all your “known” parameters – your future income, assets and outgoings together with your desired income during each year of your retirement and save this as your “master template”.

You can then try out and save as many different scenarios as you wish – projecting, for instance, when and how much you might inherit in the future and seeing how this will impact your finances, and how much you could afford to pass down to younger members of the family.

Equally, if you are looking to pass on wealth in the future, you can see what effect gifting members of your family during your lifetime will have on your finances. This can also play a key role in managing future inheritance tax liabilities while ensuring you can live comfortably.

Knowledge is power – so make sure you know exactly what YOUR future might hold!