A leading law firm reported on a recent case and found that Inheritance Act claims rose by 72% in 2021. On top of this, the cost of living is not helping the increase. This also correlates with research from Direct Line Insurance, which found one in four people would challenge a will if they were unhappy with the way assets were distributed.
A recent family dispute highlighted the importance of getting on top of estate planning. Nick received his grandmother’s estate. He was due to share it equally with his mother, the other beneficiary, but she died shortly after the grandmother’s death. The half a million-pound home was the only major asset. This was left to Nick and his 17-year-old stepbrother Cameron, who he became the guardian of.
Nick’s aunt, Liz, had Alzheimer’s and was not in the will so her husband, Barry, brought a case on her behalf. Nick explained his family had always been close been lost contact when Liz got together with Barry. He urged other families to make sure they plan their estates in case they find themselves in the same position as people may assume their family has their best interests at heart. Once money involved, not necessarily.
This unfortunate incident reinforced Nick’s plans for his own future. He wants to leave everything to his brother and does not want him to go through the same three years of stress and misery.
Nick won his case following a three-day trial. He said the win should have always been the result, but it still cased a great deal of worry. Now we are “secure in the knowledge” that we have our home and we can continue with our education in the way we believe our grandmother and mother would have wanted.
People should also prepare for the government to want more of their money. The latest HMRC data shows inheritance tax brought in £5bn between April 2021 and January 2022 – £700m than the same time in the higher than the same period a year earlier.
Tower Street Finance’s business development director Dicky Davies said:
“We have products which help your clients who are navigating the probate process and may not have immediate funds to pay for a legal challenge. We don’t like to say ‘no’, so can adapt products to different circumstances.
Plus, all loans and funding are paid from the estate once it’s received so there are no credit checks, no risks, and no personal liabilities.”
Find out more at https://towerstreetfinance.co.uk/partner-with-us/ or call our team on 0343 504 7100.
This article was submitted to be published by Tower Street Finance as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.