Summary
When her grandfather died in 2013 the family discovered that he had not divided his £300,000 estate equally but had left very different inheritances to his three children. Olivia’s mother was given £60,000 while her uncle and aunt each got £120,000. Her grandad, a farmer who lived alone near Cambridge and died aged 83, did not tell anyone about the unequal inheritance before his death.
Law firm surveyed 1,000 parents and grandparents last month. Almost half believed it was fair to leave different sums of money to relatives. 7 per cent worried that their will and inheritance decisions could cause family tension.
Many families are looking again at their wills and how they will pass on their assets. Most unused pension funds are to be included in estates for inheritance tax purposes. There are also a growing number of disputes over wills in court.
In 2023 a record 10,409 applications were made for a ‘caveat’ to the probate process. Thousands more disputes were resolved before a case got to court.
Failure to ensure that you have a properly drafted will can lead to unfair and unintended consequences. The Wills Act 1837 sets out the criteria for a valid will. It must be in writing and signed by the person making the will.
“These discussions may not always be easy, but they can provide reassurance and prevent future conflicts.” “Having all family members in the room helps ensure transparency and clarity, reducing the risk of misunderstandings down the line”
