Hi Tim
Its great to see a parent on here asking for advise rather than blindly following some marketing speel.
I would strongly recomend that you encourage your son to before he starts training to
1 - go to university or get a trade. The economy is awful at the moment, it will pay to have a back up plan. Also at uni you can continue to fly via UAS, gliding clubs or even instruct for the air cadets. Not to mention the life experience will put him in good stead later in life.
2 - Please try not to go the integrated route, dont be fooled by shiney marketing leaflets, there are 1000s for pilots out of work, as a new CPL you will be at the bottom of a long distingushed pile of qualifed people. Tell him to take his time, going to be a couple of years to ride this storm out - plenty of time to get a degree or work full time and save up himself whilst studing part time for this god for saken dream! Have a search on here and you will see lots of out of work experienced pilots, no rush to train to end up unemployed.
3 - Attempt to save for some of it himself! then any inhertance can be later put to buying a house. I personally get wound up when people plan to spend their inhertance, I think it is a vile thing to do, its like your looking forward to losing your parents. I am encouraging my parents to spend what ever they have, they have worked for it, they should enjoy it! I stand no 'right' to claim it. Don't mean to preach, its your money but you spent many a cold day landscaping to get where you are, why shouldn't he!!
Not sure if you know but this Sat there is a trade show for flying schools at heathrow called 'Flyer' - go and speak to some schools, but take what they say with a big spoonful of salt, they want your buisness remember, and will tell you and your son what you want to hear to get you to sign away 50K plus!!
UAV