Inheritance disputes are on the rise, with more than 1 in 5 UK adults saying they would consider challenging a will or inheritance if they felt it was unfair or did not reflect the deceased’s intentions.
So, what can you do to make sure your loved ones won’t have to face disputes in the future? Whilst every situation is unique, there are a few things everyone can do to ensure you and your family are best prepared for the future.
Write a will
Nearly half of people in the UK state they’re worried an outdated or missing will could cause disputes among their family. And yet, 48% of people do not have a will in place.
If you’re one of them, it’s time to take action now. Without a will, your family could be left exposed to uncertainty, disagreement and, increasingly, formal legal disputes. Not having a will in place is actually one of the main reasons for inheritance disputes, according to the latest research conducted by The Association of Lifetime Lawyers.
Update your will
Your will should be treated as a living document – evolving as your life changes. So, if your circumstances are changing, you should consider updating this legal document to make sure you’re still protecting the people you care about and avoid legal disagreements.
It’s best practice to review your will every five years or after major life events such as getting married, becoming a grandparent, changes in your financial situation or starting a business, a death in your family, or if you or one of your beneficiaries has obtained a Gender Recognition Certificate.
Communicate your wishes and have difficult conversations
Planning for the future sometimes means facing difficult topics. But we’d recommend having those conversations before it’s too late to make sure your wishes are heard.
Letting your loved ones know about your wishes not only provides them with peace of mind for things such as funeral plans, but it will also help them to know what to expect. That way, things you’ve outlined in your will won’t come as a surprise to them.
Take action now
If it’s been a while since you last looked at your will, or you don’t have one yet, now is the time to take action.
At AST Hampsons, our Accredited Lifetime Lawyers offer specialist expertise in later-life legal matters. We can help you and your family put clear, legally robust plans in place to help ease your mind and avoid inheritance disputes in the future.
If you’re concerned about inheritance disputes, or are looking for advice on setting up or updating your will, please contact Giselle Williams (Partner & Solicitor, Head of Litigation) on 0161 763 1000 or email: [email protected].