We recently ran a press story prior to the airing of the BBC2 programme "Can't Take it with You". The Press release ran with the title "Growth in Contested Wills Could Mean Heartache for Families".
Friday night’s programme “Can’t Take it with You” was great in showing that there is a solution to even difficult issues but it confirmed my suspicions – that many couples (especially those in 2nd/3rd relationships/marriages) who can’t agree about how they want their estates to pass on death feel that they have a problem that cannot be solved. Therefore they don’t go and see a solicitor and take advice and therefore the issue becomes even more divisive which inevitably affects their personal relationship.
I have had a number of Clients who have died without wills and who I felt didn’t make wills because they didn’t know how to divide their estates between families/step families/charities.
The result was that their estates were administered as intestacies and according to the general law - which led to bitterness, recrimination and to a lot of people left feeling “cheated.”
Friday’s programme showed that a good solicitor can provide a good solution – whether I would, in every case recommend a family “conference” such as was shown on the programme was debateable – after all, circumstances can change after a will is made leading to the need to change a will. Once you have a family “pow-wow” such as we saw there is inevitably an expectation which may not be fulfilled if a will is changed.
A will isn’t usually for life – it may need to be reviewed/changed as circumstances change.
Monday, 17 January 2011
Can't Take it With You
Posted by Anne's Top Tax Tips at 08:00
Labels: bbc2, can't take it with you, family relationships, inheritance tax, lifetime interest trust, trusts, wills
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