Preventing Challenges to your Will
On 18th June the Times reported on the battle between two brothers over their mother’s estate. One brother was in receipt of benefits and felt his mother had a moral obligation to give him more and the other, a successful banker, was due to inherit a much greater share under his will. This scenario is not uncommon.
The Telegraph discusses “How to prevent family - and others - from challenging your will. After a string of high profile court challenges, we look at how you can make your will watertight” The article claims “The number of will-related disputes to reach the High Court climbed by more than 80pc last year to 178 – the highest number since 2007. Booming property prices are the “main motivation” for children and other family members to contest a will, say lawyers.”
Strategies to reduce contesting a will involve expressing transparency of your intentions and explaining the decisions behind them, to manage expectations. In addition, the key is to get professional advice to ensure your wishes are held true – in the case of Cotswold Independent Financial Services we are members of the Society of Will Writers and Independent Financial Advisers and so can advise on arranging your estate in the most tax effective way.