Brothers and sisters who fall out over a Will often never speak to each other again. Most family arguments blow over sooner or later, but when there's money involved especially a Will it can be enough to break a family apart.
A recent survey showed that inheritance rows are a major cause of family friction. The majority of the arguments were said to be between brothers and sisters, with 42 per cent never speaking to each other again.
More than a fifth of all inheritance rows are sparked by claims that an estate has been divided unfairly.
No parent wants to see their children at each other's throats, but if you leave a Will that isn't clear or can be contested, then you could be creating the conditions for a major family row. Leaving your estate to your loved ones should be a way of looking after them. But a badly written Will - or worse still no Will at all could turn out to be a poisoned chalice. Quite apart from preventing disputes, making a Will is the best way of minimising Inheritance Tax.
The survey showed that 62 per cent of those questioned had not drawn up a Will.
Too many people have not drawn up an effective Will. It's something that can easily be put right. And it's much more cost effective to get a Will drawn up properly now, than have those you leave behind fighting each other through the courts for years after you’re gone. After all, is that how any of us want to be remembered as the cause of a row?
We strongly recommend that people should update their Wills or have one drawn up for the first time now before summer is upon us and there are better things to be doing!
With the new tax year almost upon us, there are lots of things to sort out like financial arrangements and tax returns. This is an ideal time to also sort out your Will. Put it on your 'to do' list, and make sure it's near the top!
For further information please contact G W Barker on 01491 572138.