You might have read our article from April 2024, in which we explained why discussing the contents of your will is so important as disputes rise – and it’s an issue that’s not going away.
In fact, FTAdviser reports that it’s a problem that will only get worse over the next 50 years.
Alongside issues like poor communication and a rise in DIY wills, the UK’s ageing population has contributed to a rise in dementia rates, leading to increased suggestions of coercion and questions around mental capacity.
Will disputes can be stressful, but they can also be avoided. And Globe IFA, alongside our friends at Penrose Wills, can help.
Keep reading to find out how.
Will disputes are rising as the UK population ages
FTAdviser reports that there are currently around 12 million people in the UK over the age of 65. Within 50 years, that figure could exceed 22 million (or 27% of the adult population). At the same time, dementia cases are set to rise too.
By 2040, dementia could affect 1.6 million of us. And this could lead to an escalation of a problem that already exists – that of contested wills.
Dementia is complicated, and symptoms can fluctuate daily. A diagnosis doesn’t prevent you from making a will, but your capacity to do so could be called into question at a later date. Likewise, a diagnosis in the future could be used in an attempt to invalidate a will you already hold.
Evidence of capacity is therefore vital, as is the correct and legally binding witnessing of a will. Expert financial and legal advice can ensure your will is legally binding and reduce the risk of a dispute long before it arises.
A will is vital, so use strong communication to help avoid disputes
A will ensures your wishes are known. Failing to hold a will at the time of death means that your estate will be subject to the laws of intestacy, which may not align with your wishes.
It’s important to think carefully about how you want your wealth to be distributed and then communicate these wishes with all interested parties. These discussions might be difficult, but frank and open communication is key to avoiding unpleasantness after you are gone.
Ultimately, these conversations should reduce stress for you and, later, for your grieving loved ones.
If you don’t already have one, put a will in place now. And remember that your will isn’t a one-time-only deal. It will need to be revisited regularly – and after any significant life events or milestones – to ensure it still aligns with your wishes. Marriages, divorces, births, and deaths can all shift your priorities and prompt you to revisit your will.
At Globe IFA, we can help you think about your legacy and estate plans. Together, we can help you to live the life you want now, safe in the knowledge that you’re taking proactive and tax-efficient steps to pass on your wealth to loved ones in a way that makes sense for you.
Globe IFA’s partnership with Penrose Wills could help to avoid disputes after you are gone
At Globe IFA, our partnership with Penrose Wills allows us to help you put a will in place. You’ll have peace of mind that your wishes are formally acknowledged and legally binding, and that your wealth will be distributed as you intend.
Jamie Howell and his team are on hand to help you put a will in place or update your existing one, hassle-free, so get in touch if you need help writing or amending yours.
As with your will, your legacy and estate planning need to be reviewed regularly, too. Changes to your circumstances, priorities, or tax rules could mean you need to make changes.
From 2027, unused pension funds will fall into the scope of Inheritance Tax (IHT). IHT thresholds, meanwhile, are frozen at their current level until at least 2031. As IHT receipts rise, more estates will be pushed into the IHT net, and you could leave your loved ones with an unexpected IHT liability. Get in touch if you have any questions about the value of your estate, a potential IHT bill, or legacy planning and will writing.
Get in touch
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you manage your long-term financial plans.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
