Wills, Families and Inheritance – The Elephant in the Room?

Wills, Families and Inheritance – The Elephant in the Room?

32% of UK adults have not planned to divide their assets equally among their children upon death.

According to a survey conducted by Charles Stanley Wealth Management, 16% of British adults do not plan to divide their assets equally, whereas a further 16% have not decided how they plan to share their wealth.

Of the 16% who have planned to distribute their estate unevenly, the most common reasons for deciding to split their estate unevenly were based on taking into account each child's financial circumstances (thereby gifting a higher share to less wealthier children) and taking into account how well each child looked after them later on in life.

The same survey found that more than a third of UK adults would be upset if they were on the receiving end of an uneven split. It also found that only one in five UK adults said that their relatives had talked openly about how they intended to distribute their estate and that 15% of UK adults do not have or did not leave a will.

Fear of causing a rift between children can result in people not openly discussing their plans, which could cause disputes between children upon death and increase costs to the estate, which will reduce the overall value of the estate. The fear of causing a rift could also result in people not making any plans at all, which may mean that their estate is not divided how they would have liked after death.

It is therefore essential for individuals to ensure that they have a will in place and to make their family aware of their plans and wishes regarding inheritance during their lifetime.

At Clapham & Collinge, we have a team of specialist private client lawyers who can help you through every stage of the will-drafting process and ensure, insofar as possible, that your estate is divided in accordance with your wishes upon death.

We understand that inheritance planning can be a difficult topic for many people. We are sensitive to clients' needs and we aim to provide peace of mind to clients, so that they are safe in the knowledge that their affairs are in order prior to death.

Click here for more information on our Wills, Trusts and Probate services.

To find out more or discuss your individual circumstances in further detail, contact us on 01603 693500 or email us using the 'Make an Enquiry' form on our website.

We can carry out telephone or video appointments, reducing the need for face-to-face meetings in accordance with social distancing guidelines. Face-to-face meetings are available by appointment at our Norwich, North Walsham, and Sheringham offices.

*This article is provided for general information purposes only and does not constitute legal advice or other professional advice.