New research out today from Prudential has revealed that the tradition of leaving an inheritance could soon become a thing of the past.

Instead, the new convention will be for parents and grandparents to help children and grandchildren financially while they're still alive, rather than hold-off to leave them a legacy when they die. The Pru is dubbing this new trend 'preheritance'.

According to a Datamonitor equity release report sponsored by Prudential, 82% of over 55s prefer to give financial support to children or grandchildren before they die instead of leaving an inheritance. This figure increases to 89% of over 55s in the Midlands area.

And nationally, 44% of over 55s said they would consider releasing equity in their homes to help children or grandchildren onto the housing ladder, or contribute towards the cost of education. In London this figure increases to 53 per cent.

Ali Crossley, Director for Prudential's Equity Release plans, comments: "We believe the trend towards preheritance will become increasingly common. It makes a lot of sense to be able to give financial support at a time when it's needed - for things like weddings, education costs and helping to get our kids on the housing ladder. Our research shows that parents would rather help while they're still around so they can enjoy the fruits of their financial assistance."

"We estimate that the current generation of 50 to 60 year olds have £570 billion of equity in their homes and releasing part of this could provide them with the means to give their family a preheritance boost."

"Also, due to house price inflation, a number of these over 55s could find now find themselves subject to inheritance tax. Preheritance could offer a solution to this."

For further information on the Prudential Home Equity Release Plan, consumers should call 0845 600 1564 for more information, or visit www.pru.co.uk