1 in 5 Families Have Disputes About Inheritance

Research by Canada Life has found that 1 in 5 families have disputes about inheritances (or lack of), estates as well as inheritance tax planning.

Looking at the figures in more detail:

• 18% of UK adults have disputes about inheritance planning with their families.
• 24% of adults avoid the above disputes by avoiding the inheritance and death subject altogether.
• Of these 24%, 19% stated they had not even thought about estate planning.
• 19% planned to exclude someone from an inheritance, hence no discussions.
• 10% of adults do not talk to their family about money at all rising to 13% for adults over age 55.
• 29% of adults suggested inheritance discussions were “too far in the future” to start today.
• 37% of adults suggested previous generations of their families e.g., parents/grandparents had been reluctant to discuss inheritances hence the same approach being carried on as a ‘taboo’ subject.
• Unsurprisingly, 43% of younger adults do plan to discuss inheritance with their elder relatives.  No shocks there.

Comment

We have always said that money is a difficult subject and professionally, we have been surprised by how people change when a family member dies, and money is ‘floating around’.  We have even known children (and partner’s off) threatening the surviving spouse/partner and even taking legal action if they have not been included in the estate distribution.

It is also amazing the number of times we have told people "it is difficult to exclude children from your Will" just because they are estranged as well as those that come back to change the contents of their Will regularly.

We urge you all to better educate yourself on Wills, estates and inheritance planning as even having empathy with your parents/your children’s position will reduce the risk of inheritance disputes.

See our Inheritance and Will Channels:  Videos

• Understand the law.
• Understand your rights.
• Understand and empathise when/why parents may wish to spend their hard-earned money if they built their wealth from ‘scratch’ and inherited nothing themselves.
• Understand and empathise why children may be concerned if parents inherited wealth and now plan to leave their children little or nothing.
• Understand why parents may leave you nothing or leave more to siblings if they have made prior financial gifts to you already or paid for your education, weddings, property deposits etc.  Are they just trying to treat your fairly.

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