How much do you expect to leave your loved ones?

New research from Canada Life has revealed that almost one in five millionaires aged 45 and over (18%) expect to spend all of their funds in retirement.

In fact, millionaires are slightly more likely to spend all of their funds in their later years than those with less money at their disposal.

However, it doesn't mean that wealthy people are planning to blow all their money on fine wine and exotic holidays. The survey -- which included 1,002 UK consumers aged 45+ with assets worth £325,000 and above (the standard nil rate band for inheritance tax) -- highlighted the fear even among the relatively wealthy that retirees will find it difficult to leave anything for future generations as a result of increasing longevity and the costs of social care.

When those with an estate worth £1m or more were asked about their key financial concerns, close to half (42%) were worried about giving away funds that they would need in retirement, significantly higher than the overall average (29%), Canada Life found. A third (33%) were concerned they did not have enough saved in pensions to cover their own retirement.

"The fear of not having enough for later life is something that is universally shared -- regardless of your level of wealth," explained Neil Jones, ican technical manager at Canada Life.

"The practical upshot is that anyone who is relying on receiving a significant inheritance should be wary -- it simply may not happen."

Yet there are things that can be done, Jones continued.

He gave the example of trusts, such as a flexible reversionary trust or discounted gift trust, as a way of gifting away parts of your estate before death, and saving on inheritance tax, but retaining some access in case you need the funds.

A financial adviser who specialises in estate planning can help you pass on as much of your wealth as possible to your loved ones.

At Fidelius, we'll help you build a realistic picture of your future financial commitments, so you can be confident that you can plan to mitigate inheritance tax without prejudicing your future financial security.