Despite half of us expecting to receive some inheritance when a loved one dies, only a third have even discussed this delicate subject with their family.
And with one in five people saying they are relying on inheritance in their long-term financial planning, many face an ‘inheritance nightmare’ by not getting what was expected – according to research by the law firm Lime Solicitors. Its findings come from more than a hundred inheritance case disputes that it deals with every year.
Debra Burton, a partner at Lime Solicitors, says: ‘An expectation of inheritance has become one of the key reasons many people feel they can achieve a comfortable old age. But sadly, a lack of communication with parents when they had the opportunity leaves some with an unpleasant surprise – and not the money that they were depending on.’
Delicate subject: The heartache of losing loved ones is often made worse with an inheritance dispute
The heartache of losing loved ones is often made worse with an inheritance dispute.
Lime Solicitors says one in six people were willing to contest their parents’ will if they did not receive inheritance, which can then cause upset and a rift with other surviving members of the family.
The law firm said that it shows a desperate need for families to have an open and honest discussion with their loved ones while still alive to avoid any confusion and financial misunderstanding for when they eventually die. The average inheritance total left behind when someone dies is £334,000 – according to data collector NimbleFins.
But after dividing that up between family, friends and, of course, the taxman, the typical amount received by those who reported a windfall in the past two years was £11,000.
