Families without wills run risk of an inheritance battle
· A third of inheritors had problems getting their inheritance as a will was not in place
· One in ten faced legal disputes over their inheritance without a will
· 12% had family arguments over their inheritance
· Inheritance battles cost an average of £2,150 in legal fees
Unbiased.co.uk, the professional advice website, reveals nearly a third* (30%) of people who have been left an inheritance faced legal battles and hurdles to get what was rightfully theirs, as a will was not in place.
Dying intestate caused major problems for those left behind, as one in ten faced legal disputes over their inheritance and 12% had family arguments before sorting out their assets. 6% said there were lots of hurdles in general and 7% said it took a long time to get their inheritance due to not having a will in place.
With Unbiased.co.uk’s research showing that inheritance battles cost an average of £2,150 in legal fees, having an up to date will in place is vital to ensure your family receive the inheritance you want them to with as little anxiety as possible.
Effective estate planning not only helps to ensure that your assets are allocated as you wish but a discussion with an independent financial adviser can also ensure your family don’t have to gift more to the tax man than needed on their inheritance. Unbiased.co.uk’s Tax Action report reveals that an unnecessary £2.2bn** will be given to the tax man this year through inefficient inheritance tax planning.
Karen Barrett, Chief Executive of Unbiased.co.uk, “These figures highlight the necessity for everyone to ensure they have a will in place should the worst happen. Only then will they have the peace of mind that their wealth will go to whom they want and all of their assets will be allocated as they wish. An up to date will is also the best way to ensure an already difficult time is as stress free as possible for your family or loved ones. However, with over two fifths of people over the age of 50 not having a will in place at all, it is clear that many are leaving it too late.
“People should take time to make or update their will as even without expensive assets a will is essential to legally uphold your lasting wishes after you die. Going about writing your will doesn’t have to be bewildering, it costs as little as £100 to seek legal advice to draw up a valid will and independent financial advice to guide you through allocating your assets. Mitigating tax can also cost less than you think. We are urging people to visit an independent financial adviser and a solicitor today to provide peace of mind that your loved ones will be protected after you are gone.”
You can find an IFA near you via Unbiased.co.uk’s ‘find an IFA’ search and a solicitor via the ‘find a solicitor’ search. Both searches are completely confidential and free of charge.
ENDS
*Opinium Research carried out an online poll of 2,005 British adults from 25th to 29th September 2009. Results have been weighted to nationally representative criteria. www.opinium.co.uk
*** TaxAction 2009 report produced for IFA Promotion by RAKM, based on a specially commissioned analysis of HMRC and a range of other official data sources.
For further information on Unbiased.co.uk, the professional advice website pleases contact:
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Karen Barrett, Chief Executive |
Anna Schirmer/Jennifer Comerford/ Anna Moulds |
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Unbiased.co.uk |
Lansons Communications |
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020 7833 3131 |
020 7294 3682 |
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Notes to Editors
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
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Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606
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