A significant proportion of us believe that an inheritance will be the key to our future financial security, but most families have not even discussed what is in the will, and 40 per cent do not have one at all, a recent survey shows.

A survey by a Perth law firm has found one-third of people aged 18 to 29 years old are “reliant on inheritance” for their financial future.

$5.4 trillion is expected to be passed on in the next 25 years.

One lawyer said it was important for families to plan their financial future early to stave off disputes.

This is probably very similar everywhere else in Australia.