A new report has revealed that Millennials, compared to all other age groups, are more likely to dispute a Will in court if the inheritance they receive doesn\u2019t match what they expected.\u00a0\u00a0<\/p>\n
The study by probate lending consultancy Level Group shows Millennials are depending on their future inheritance the most (51%) to reduce their mortgage (32%), for day to day living expenses (26%), and to live a better quality of life (25%).\u00a0\u00a0<\/p>\n
The inheritance specialists conducted a survey and analysed official Freedom of Information data from the Ministry of Justice (MoJ) to reveal the nation\u2019s inheritance expectations and financial pressure points.\u00a0<\/p>\n
It found that 29m adults (54%) are expecting to inherit money from a loved one in the next 20 years and that an estimated 18.4m financially depend on an inheritance to some extent. Of those, 27% say they will go into debt without it.<\/p>\n
These are the age groups that are expecting an inheritance and rely on it to some extent:\u00a0<\/p>\n
25 \u2013 35 (51%)35 \u2013 44 (47%)18 \u2013 24 (45%)\u00a045 \u2013 54 (36%)\u00a055 \u2013 64 (25%)\u00a065+ (10%)\u00a0<\/p>\n
In terms of contestation, nearly four in ten (38%) said they\u2019d dispute a Will and potentially go to court if they thought the inheritance they\u2019d received was unfair or not what they\u2019d expected.\u00a0<\/p>\n
A Level Group spokesperson says: \u201cWith such high expectations, it\u2019s more important than ever for individuals to engage in proactive and thorough estate planning. Failure to do so can not only result in future disputes but may also lead to delays in probate proceedings, leaving families in financial uncertainty.\u00a0<\/p>\n
\u201cEarly and meticulous estate planning is essential to minimise these risks and ensure loved ones are not burdened by additional complications at an already difficult time.<\/p>\n
\u201cWhen it comes to preparing for the probate process, it\u2019s important to firstly create or update a will, with clear, specific instructions on asset distribution and responsibilities.\u00a0<\/p>\n
\u201cSet up a durable plan of action and appoint someone for financial and healthcare decisions. Regarding organisation, sort out asset documentation as soon as possible, and keep an inventory of important records, and appoint a competent executor. It\u2019s also key to communicate efficiently with family to avoid misunderstandings.\u00a0<\/p>\n
\u201cLikewise, if you wish to prevent disputes, it\u2019s important to have a clear and specific Will with an appointed executor. If you have doubts, seek legal counsel and involve a mediator to resolve potential conflicts. You can also use a Trust to bypass probate and keep the process private or use an independent executor to prevent family bias.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"A new report has revealed that Millennials, compared to all other age groups, are more likely to dispute…\n","protected":false},"author":2,"featured_media":9260,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,5786,4174,4175,56,54,55],"class_list":["post-9259","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-legal-compliance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/9259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=9259"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/9259\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/9260"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=9259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=9259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=9259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}