Estates worth over £1m up by a third in 8 years

The number of estates being inherited that are worth over £1 million soared by over a third since 2013-14, according to HM Revenue & Customs (HMRC). 

2013-14 saw 8,340 such estates, compared with a striking 11,210 in 2018-19. And guess what? This rise has seen a corresponding increase in the number of families challenging Wills, especially Wills not overseen by a professional.

Since 2012, 2,300 Will disputes have been heard by the High Court – and it’s estimated another 20,000 challenges were settled prior to a court hearing.

“Clearly, the larger the sum at stake, the more family members are likely to challenge a Will” said Mark Williams of Amba Legal Services. “But what may be considered a small estate by some could be a large sum of money to others.”

For advice on making a professionally drawn up Will, call Mark now on 01299 251442.