Brits warned they could lose their inheritance with one mistake this Christmas | Personal Finance | Finance
Brits have been warned they could lose their inheritance with just one mistake this Christmas.
One in five people take family members out of their wills after a falling out, and one in three would simply because they don’t like them, according to research.
Lime Solicitors also found that one in six would disinherit someone if they didn’t visit them enough and one in four if they isolated themselves from the family.
Debra Burton, partner in inheritance disputes at Lime, says: “The most common reason people exclude relatives from their will is due to personal feelings and animosity.
“With so many family members coming together in close proximity, Christmas celebrations can often bring unresolved tensions to the surface.
“If these tensions develop into something more serious, those who have written a will may decide to disinherit family members.”
Lime Solicitors found that almost half of people would challenge a will if they were written out of it.
Debra Burton offered some advice on dealing with family members over the tricky topic of inheritance.
She warned people to communicate: Discuss wishes with family members so that the will does not come as a surprise.
Burton also said to not over promise: Some people don’t like confrontation or to upset people may make promises to their family they that didn’t intend to be binding.
Burton says it is better to say nothing than make a flippant comment which someone is relying on or takes seriously.
The partner also urged people to formalise their wishes: Make a will and set out what you actually want to happen rather than leaving it all to one person because “they know what I want to happen”.
Even if the family gets on, it is a lot of pressure to put on someone who may not be sure of what your wishes were and are likely to be grieving themselves
And finally she told people to take legal advice: Make sure your wishes are legally binding and any will complies with all the formalities.
If there is likely to be a dispute about your will after you have died, then the solicitor can look to minimise that.