Despite half of us expecting to receive an inheritance when a loved one passes away, only a third have even discussed this delicate subject with their family
Despite half of us expecting to receive an inheritance when a loved one passes away, only a third have even discussed this delicate subject with their family.
And with one in five people saying they rely on inheritance in their long-term financial planning, many are facing an “inheritance nightmare” of not getting what was expected – according to research from the law firm Lime Solicitors. The findings come from more than 100 probate disputes it handles annually.
Debra Burton, partner at Lime Solicitors, says: ‘The expectation of an inheritance has become one of the main reasons many people believe they can reach a comfortable old age. But unfortunately, a lack of communication with parents when they had the chance leaves some with an unpleasant surprise – and not the money they depended on.”
Delicate topic: The heartbreak of losing loved ones is often exacerbated by an inheritance dispute
The heartbreak of losing loved ones is often compounded by an inheritance dispute.
Lime Solicitors says one in six people were willing to challenge their parents’ will if they did not receive an inheritance, which could then lead to unrest and a rift with other surviving members of the family.
The law firm said it shows a desperate need for families to have an open and honest discussion with their loved ones while they are still alive to avoid confusion and financial misunderstandings when they eventually pass away. The average inheritance total left when someone dies is £334,000, according to data aggregator NimbleFins.
But after we split that between family, friends and of course the IRS, the typical amount received by those who reported a windfall over the last two years was £11,000.