It is a sad indictment of modern life that nearly four in five adults in the UK do not talk to their families about inheritance.
Research carried out by the insurance company NFU Mutual showed that 79 percent of adults haven’t had a conversation with their families about their inheritance
Whilst this was a nationwide survey, it is in keeping with the situation here on the Wirral. The reason for this lack of communication in families can simply be down to the failure to bring the subject up, which if not tackled could lead to some distressing family disputes after a person has died.
We understand that many are reluctant to talk about how money and valuables will be passed on after they die, but failure to address the problem really is storing up problems for family members, which could affect the rest of their lives.
In a more complex family structure, which many people now have the conversations can be more difficult when there are, for example, children from earlier marriages.
However, ensuring a spouse is able to maintain their lifestyle, whilst protecting the interests of children should their widow(er) re-marry or die is a matter that requires great thought.
We would advise all our clients to seek legal advice regarding their estates and continue to review their wills. It is also important to talk to your family about inheritance plans to help manage expectations.
Have you talked through the plans for your estate with your loved ones? Please let us know how you began this awkward conversation? We’d be interested to know, so if you feel able, please share your story with us?