Using a Will to settle scores

Using a Will to settle scores

The Metro (21 November 2018) has an interesting article on how many people use their Will to settle scores within the family. See https://www.metro.news/where-theres-a-will-theres-a-way-to-get-revenge-on-family/1318424/

“Where there’s a will, there’s a way to get revenge on family

“FEWER than half of those who write a will divide their estate evenly — and one of the most common reasons is revenge, according to new research.

“Getting their own back on family members who have wronged them or evening up differences in wealth between loved ones are thought to be behind the decisions.

“Only 39 per cent of people who leave a will split their assets equally. Others make bequests based on how well potential recipients have behaved, how well-liked they are or how much money they already have, according to research by Direct Line Life Insurance. Some use their final wishes as a way of paying back debts, the survey of more than 2,000 people discovered.

“Current spouses or partners are most likely to benefit from a will, followed by first-born children. Younger siblings are less likely to feature because their parents may not have got round to updating their will.

“Almost half of over-55s, compared with a quarter of adults aged 34 and under, are planning to give beneficiaries an equal share of their estate.

“But more than half of those quizzed, and more than a third of over 55s, have yet to get round to writing a will — risking their assets not ending up where they want them to go.

“Jane Morgan, Direct Line Life Insurance business manager, said: ‘Leaving a valid will is crucial, as intestacy rules do not take into account the various family dynamics people face in the UK and can be made more complicated by multiple marriages, divorces, children and step-children.’”