5 Common Inheritance Disputes To Avoid When Creating Your Will

Death is, for everyone, an inevitability, and most people will likely want their assets to be passed on to family, friends, or charitable organisations. Yet, according to figures, approximately 31 million adults in the UK do not have a Will, often because the prospect of death is unpalatable or considered irrelevant at their current stage in life. Even when a Will has been written, basic mistakes can render it ambiguous or invalid and increase the need for the involvement of specialist probate dispute solicitors to ensure the situation is resolved fairly.

How To Avoid Inheritance Disputes

For beneficiaries and executors, dealing with the death of a loved one is hard enough without the stress of wondering how to handle unequal inheritance or inheritance disputes. The solution often lies within the writing and maintenance of the Will to avoid these five common mistakes:

1. Not Having A Will

If you die without a Will, you are classed as ‘intestate’ and your estate will be distributed according to intestacy rules which could result in your assets being shared in a way that you do not want. Some loved ones could miss out altogether, such as a companion who is not a spouse or civil partner – no matter how long you have been together. Unfortunately, intestacy rules cannot be challenged without going to court, so writing a Will is the best and cheapest way to ensure that your assets are distributed exactly as you wish.

2. Ignoring Tax Implications

Most people prefer their beneficiaries, instead of the State, to receive the lion’s share of their assets, yet inheritance tax can cost loved ones vast amounts of money if the testator has not invested in financial planning to reduce the tax burden. Special rules apply to beneficiaries in marriages or civil partnerships and for the inheritance of property, so it is advisable to consult a financial advisor or accountant to find out how to minimise your tax obligations.

3. Not Updating Beneficiary Designations

Once a Will is written, it is important to maintain your assets to ensure that they are distributed in the way that you wish. For example, you should update the named beneficiaries on pension policies (including in-service death benefits), insurance policies, and retirement accounts so that unintended heirs do not accidentally receive your assets. Likewise, the Will itself should be updated to reflect any change in your circumstances or your intentions.

4. Unequal Distributions

The unequal sharing of assets can be a major source of distress and discord in families after a relative has passed away, so it is important to avoid problems by communicating your wishes clearly and coherently when you write your Will. Loved ones should be encouraged to understand your reasoning and play a part in your decision-making so there are no unpleasant surprises later.

5. Not Planning For Long-Term Care

According to research, over 35 per cent of the UK’s over-65s require support with daily living, and the costs of which can be eye-watering. Even plentiful assets can be quickly eroded by fees for nursing homes or carers, so it is important to consider the potential impact on your estate if you are unable to live independently. A legal advisor will help you to plan for your retirement to ensure the cost of care is accommodated in the figures on your Will.

Contact Us For More Information

Whether you intend to make a Will or need professional legal assistance from an inheritance dispute lawyer, our expert team at Astle Paterson can help. To find out more about our services, please call us on 01283 531366 or send us a message.

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