Over a quarter (28%) of pensioners don’t plan to leave their estate to their close family members.
So, younger people relying on inheritance and gifts to buy property may well be disappointed in this revelation.
There are multiple reasons why retirees shun family beneficiaries: estrangement; wishing to bequeath friends and neighbours who have supported them in the later stages of their life.
Leaving a legacy or gift to charities is becoming more popular too; especially animal charities.
Another reason why senior will-makers do not bequeath their descendants is that donors want their younger relatives to ‘make their own way’ in life rather than relying on inheritance from their parents who have worked tirelessly all their lives and saved up to enjoy the fruits of their labour later in life.
Furthermore, due to a damning social care system, many retirees are worried about how they are going to fund their care costs later in life – with almost a quarter of homeowners planning to use the value of their homes to pay for care fees if necessary.
But ignoring close family members may result in Wills being challenged under the Inheritance (Family and Dependants) Act 1975. To minimise the risk of this and to get best advice on drawing up a Will that best meets your needs call us at Amba Legal Services on 01299 251442.