GITNUX MARKETDATA REPORT 2024

Inheritance Money Received Time Period Statistics

The average time period for receiving inheritance money is approximately 6-9 months after the passing of a loved one, according to statistics.

Last Updated: June 20, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore a plethora of intriguing statistics surrounding inheritance money, shedding light on the timelines, spending habits, and generational impacts associated with receiving wealth from ancestors. From the average duration it takes to inherit money to the percentage of individuals who exhaust their windfall within a specific timeframe, these data points paint a vivid picture of the complexities and nuances intertwined with the inheritance process across different regions.

Statistic 1

"On average, it takes about 16 months to complete the probate process and distribute inheritance money, depending on the complexity of the estate."

Statistic 2

"According to a recent survey, one-third of people who received an inheritance have completely spent it within two years."

Statistic 3

"A report shows that 7 out of 10 U.S. inheritors receive their inheritance money within a year."

Statistic 4

"On average, American heirs wait for approximately 561 days before receiving their inheritance money."

Statistic 5

"In the UK, approximately one in four people rely on inheriting wealth but only 7% actually receive any inheritance."

Statistic 6

"A whopping 30% of Americans who received an inheritance were completely out of it within two years."

Statistic 7

"According to a 2015 HSBC report, the average age of Americans to receive an inheritance is 51 years old."

Statistic 8

"Inheritances last for 4.75 years on average."

Statistic 9

"Children who inherit money are getting their windfalls later in life, typically between the ages of 55 and 64."

Statistic 10

"Inherited money increases a household's wealth by an average of 13 times that of households which haven't received any inheritance."

Statistic 11

"1 in 3 people in the UK will be reliant on inherited money for their future."

Statistic 12

"Roughly 50% of Canadian seniors plan to pass on their wealth while they're still alive, speeding up the time their heirs receive the money."

Statistic 13

"Less than 10% of Australian adults have received an inheritance, and the average value is around AUD 120,000."

Statistic 14

"The average British millennial will spend their inheritance within 4.5 years of receipt."

Statistic 15

"In 2020, 91% of Indian adults anticipated receiving an inheritance within the next 10 years."

The statistics presented highlight the varied patterns and implications surrounding inheritance money across different countries. While inheritances can significantly increase household wealth and provide financial security, they also raise concerns about spending habits and financial planning. The time taken to receive inheritance money varies widely, with some heirs receiving it within a year while others wait over 4 years. The data also indicates a concerning trend where a significant proportion of inheritors quickly exhaust their windfall, emphasizing the importance of financial literacy and long-term planning. Additionally, the age at which individuals receive inheritances is shifting, with children inheriting later in life. These findings underscore the need for individuals to carefully consider how they manage and plan for inherited wealth to ensure long-term financial stability.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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