A recent study conducted by specialist will writers Farewill, on behalf of the Express, reveals that nearly 40% of individuals have experienced disagreements with siblings and other family members regarding inheritance allocations.
These disputes, fueled by the increasing value of inheritances, pose significant mental and financial strain and risk leaving a toxic legacy within families. Legal battles over inheritances can further exacerbate the situation, consuming a considerable portion of the assets in legal fees.
According to Farewill CEO Dan Garrett, the stakes are higher than ever as the wealth of the baby boomer generation, comprising 70% of the nation’s wealth amounting to over £6 trillion, is being transferred to the next generation.
Many younger family members pin their hopes on these inheritances to facilitate property purchases, yet they may face disappointment due to various factors such as divorce and the complexity of modern family structures, including blended families resulting from second and third marriages.
Moreover, issues like dementia add another layer of complexity, with disputes arising over the validity of wills due to mental incapacity or allegations of coercion. Garrett emphasizes that the expectation of intergenerational wealth transfer has never been greater, but many individuals relying on inheritances may find their expectations unmet.
