With rents and lending restrictions choking the property industry, the current and future generations of potential property owners may never have the opportunity to step onto the property ladder. High rents mean little savings available for the high deposits required by mortgage lenders.

The practical solutions are limited. One trend we will see is the increase in multi-generation households, with children staying with parents well into their thirties and perhaps forties. This becomes a problem, of course, when the children begin to have children and space runs out.

Inheriting a property may, in fact, be the only way many will ever be able to get out of the rental trap. Whilst this may mean a long wait for some, it does set up some sense of financial security for the generation to come. The key, however, is to have a will and/or trust set up.

People who die intestate (without a will) leave a legacy of frustration for their intended beneficiaries, especially where property is concerned. Many people think that they have too few assets to justify creating a will or a trust – a home, a little cash in the bank and perhaps a small life insurance policy. But why would you put any of that at risk for your loved ones? It’s possible they may even lose the family home because they can’t afford the tax assessed against it after your passing. And all it would take to prevent all of the heartache is to make a Will.

No matter how little you own, almost all of it could be subject to tax or even being passed on to someone you didn’t intend to receive it. Your children – especially those in second families – could lose out on everything you meant for them to have. A trust is an even more useful vehicle that can shelter assets from bill collectors, as well. Don’t underestimate what you can give your children.