A Freedom of Information (FOI) request by law firm Nockolds has revealed a spike in family disputes over inheritance.
Figures show that, between 2019 and 2021, there was a 37% increase in such legal challenges in the UK courts with nearly 10,000 cases being brought to tribunals last year.
According to the FOI, this is largely driven by a significant rise in DIY Wills, especially during the pandemic, where people were confronted with having to put their family affairs in order but were forced to set out succession plans on their own.
According to research by Royal London, more than half (56%) of adults in the UK don’t have a valid Will, a figure that significantly increases for the 18-34-year-old cohort to 79%.
Of those that do not have a inheritance plan in place, 47% acknowledge the value of having one but have not gotten around to making a Will.
More than 60% haven’t reviewed their Will in over a year, with 29% not having reviewed it in more than five years.
Taboo
Clare Moffat, pensions & legal expert at Royal London, said: “The pandemic really focussed people’s minds on the need to have their financial affairs in order. Death is one of the great taboo topics that most people find incredibly hard to talk about. But discussing plans in advance ensures you and your loved ones can be better prepared emotionally, practically and financially.
“Statistics show that the pandemic was responsible for a spike in DIY Will writing, possibly to save money. While avoiding the cost of using a Will writer or solicitor may seem like a good way of saving money, producing a Will yourself could lead to problems and end up costing a lot more in the long term.
“The cost of living crisis is causing many issues but these could be made even worse if a family can’t access any money, for months or perhaps years, after the death of the main earner. The law is complex and if you aren’t familiar with the process and terminology of writing a Will, it’s all too easy to invalidate it or leave it open to challenge.
“Family structures are increasingly complicated, which in turn comes with challenging financial arrangements. So, it’s more important than ever to make sure your Will is legally correct. Taking financial advice can also save money in the longer term. Planning in advance can help reduce the amount of inheritance tax payable on death.
“Having a Will can prove invaluable, especially if there are children, blended families or cohabitees. Preparing for death might seem pessimistic but in practice it’s about making sure the people you love receive what you would want them to. And it removes a lot of the complexity in the process at a time of sadness, compared with facing the laws of intestacy.”
