Family Court Practice, The
Order the 2021 edition due out in May
Court of Protection Practice 2021
'Court of Protection Practice goes from strength to strength, having...
Jackson's Matrimonial Finance Tenth Edition
Jackson's Matrimonial Finance is an authoritative specialist text...
Latest articles
Re A, B and C (Children) [2021] EWCA Civ 451
(Court of Appeal, Civil Division, Macur, Baker, Arnold LJJ, 01 April 2021)Public Law Children – Fact finding – Lucas Direction – Sexual abuse allegations – Judge found...
Eight things you need to know: Personal Injury damages in divorce cases
The “pre-acquired” or “non-matrimonial” argument is one which has taken up much commentary in family law circles over recent years.  However, the conundrum can be even...
HMCTS launches updated online court and tribunal finder
HM Courts and Tribunals Service (HMCTS) has launched an updated version of its online court and tribunal finder tool to help those in search of a court, its location, opening times, disabled access...
NFJO publishes report on supervision orders in care proceedings
The Nuffield Family Justice Observatory (NFJO) has published a report following its survey into the use of supervision orders in care proceedings. The survey focused on...
Villiers - the Anglo/Scottish perspective
Heard by the Supreme Court in December 2019, with its judgment last July, this case attracted much interest (or “lurid publicity” as per Mr Justice Mostyn in his judgement this week) as it...
View all articles

A quarter of retirees shun family in will

Oct 17, 2019, 16:17 PM
Slug :
Meta Title : A quarter of retirees shun family in will
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : Oct 17, 2019, 23:00 PM
Article ID :

A recent survey by financial service provider, Responsible Life, found that more than 28% of retirees plan to leave their assets to beneficiaries other than their immediate family. Those hoping for generous inheritances to facilitate house purchases, pay off student debt or fund their own retirement may well be disappointed.

The reasons for the move away from family beneficiaries are many; estrangement is one but also a wish to reward friends and neighbours who may have provided more significant practical and emotional support in later years than immediate family members who are geographically distant. Charities are also significant beneficiaries with animal charities a particular favourite and the associated inheritance tax benefits of charitable giving are not to be ignored. A gift of  just 10% of a testator's estate to a recognised charity reduces the tax rate on the entire estate from 40% to 36%.

Other reasons include wanting adult children to 'make their own way' in life rather than expecting to benefit from their parents' hard work and financial prudence. In addition many retirees anticipate having little left to leave with their estates depleted either voluntarily or through the costs of later life care.

However, for those intending to pass over their relatives in favour of charities or other third parties thought should be given as to whether those excluded could bring a  successful claim against the estate under the Inheritance Act ( Provision for Family and Dependants ) Act 1975. A recent slew of successful cases in the courts brought by disgruntled family members means that both testators and their advisors should address the issue of a potential claim during the will drafting stage and take steps to avert such a claim such as by drafting a Statement of Reasons or including a nominal legacy. Failure to address the issue before death could end up with costly and protracted litigation which reduces the funds available for all beneficiaries.
Categories :
  • News
Tags :
  • Elderly Clients
Provider :
Load more comments
Comment by from