How will your children react to their inheritance?

How will your children react to their inheritance?

How will your children react to their inheritance?

by | Inheritance

With the huge increase of people challenging wills, will you children be shocked or surprised at your will?

In the recent case of Ames v Jones a daughter claimed against her deceased father’s estate.  Danielle Ames argued there was a ‘lack of reasonable provision’ for her.  The legal definition is “the financial resources and financial needs which any beneficiary of the estate of the deceased has or is likely to have in the foreseeable future.”  This most often applies to children but adults do have the right to make a claim under the Inheritance (Provision for Family & Dependents) Act.

Her father Michael Ames had divorced Ms Ames’ mother and remarried.  His new will left his entire estate to his second wife Elaine who was in poor health at the time of his death.  Ms Ames was living with a long-term partner on whom she was financially dependent.  They had 2 children.  She reasoned their household income was £2000 short per month.

The Court agreed that Ms Ames did have a case to apply.  She met the criteria of the Inheritance Act.   However, any award had to be decided after considering all the factors detailed in 1975 Act, including the amount of inheritance available.  The value of the estate was £700,000.  The Judge ruled this was insufficient to support Ms Ames and the widow Elaine.  The Judge ruled the critical factor against the claimant was her ‘lifestyle choice’ not to work.  He ruled in favour of the existing will and the entire estate passed to Elaine.

If you have remarried, there are ways to allow your new partner to enjoy the life you create and retain the family wealth if you have children.  A partner can continue to reside in a your home for example, but on their death it will be gifted to your issue and fall into your second families estate.

Alternatively, you may feel your children have enjoyed success themselves and you may wish to benefit grandchildren instead.

Whatever you decide to do with your legacy, even if you don’t talk to your family, talk to a will writer today.

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"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
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2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
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