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In March 2021, Reg Bond, a businessman who built a £55 million empire from rubber tyres, passed away.
When Reg allocated almost all of his estate to two of his sons in his will, leaving his other son and daughter with significantly less, the two children with the smaller inheritances disputed the will.
They argued that their father lacked the mental capacity to understand his actions due to his deteriorating health. So, after a prolonged legal battle, they won a larger share in August 2024, Today’s Wills and Probate explains.
While this court case was won, the emotional and financial toll on Bond’s family may have done irreversible damage. And these disputes are more common than you may think – in 2022, Today’s Wills and Probate reported that 3 in 4 UK adults are likely to experience a will or inheritance dispute in their lifetime.
When you’re forming your own estate plan, it’s likely that the last thing you want is for conflict to arise between your beneficiaries. As Bond’s case shows, these disputes can lead to lengthy legal battles and have lasting effects on your loved ones’ relationships.
Thankfully, with proper planning, will disputes can often be avoided – continue reading to discover three ways to do so.
1.Make sure to regularly update your will
Your will is an essential document that allows you to:
Dictate how your assets are divided when you pass away
Make provisions for children
Bequeath money to charity.
Despite its importance, many people in the UK seemingly don’t have a will at all, with research from Canada Life showing that 51% of adults have never written one.
If you pass away without a will, known as “dying intestate”, your estate may not be divided according to your wishes. For instance, if you have a long-term partner you aren’t married to, they normally wouldn’t be entitled to any share of your estate due to intestacy rules.
Life is full of twists and turns, so it might be wise to view your will as a “live” document and ensure it’s as up-to-date as possible. Significant life events, such as getting married, divorced, or welcoming new children into the family, could all prompt you to alter your will.
Reviewing and updating your will regularly under the guidance of an expert could minimise the risk of a dispute after you’re gone.
2.Discuss any decisions with your loved ones
Transparency is one of the more effective tools you have to prevent challenges after you pass away. Many inheritance disputes arise because family members feel taken aback by the contents of a will.
Openly discussing any decisions you make regarding the division of your estate ahead of time could prevent misunderstandings and ensure that everyone is aware of your intentions. While having these sorts of discussions can be uncomfortable at times, they can provide some much-needed clarity and reduce the likelihood of someone feeling unfairly treated.
Indeed, by explaining why you have divided your wealth in a particular way, you can address any concerns your loved ones may have, answer their questions, and give them the opportunity to voice their thoughts.
If you’re uncomfortable about having this conversation in person, or you wish to provide additional context for your decisions, you might also want to leave a letter of wishes alongside your will.
Even though this isn’t a legally binding document, it does allow you to explain the rationale behind your choices.
For example, if you’ve left more money to one child because you provided financial support to another during your lifetime, your letter of wishes could clarify your reasoning and prevent confusion.
Ultimately, choosing to have an open conversation ahead of time helps your loved ones understand that your decisions were made thoughtfully and with their best interests in mind.
3.Prove you had full mental capacity when you made your will
For a will to be legally valid, not only must you sign it in the presence of two other witnesses, but you must also have the mental capacity to understand the decisions you’re making at the time.
With this in mind, it is unsurprising that one of the more common reasons cited for contesting a will is that the deceased person did not have the mental capacity to make the document legally valid.
This is precisely what happened in the case of Reg Bond, where two of his children successfully argued that their father was not of sound mind when he created his will.
What’s more, disputes around capacity could become all the more common in the UK. As life expectancies continue to rise, so too does the number of dementia cases. The NHS reveals that more than 944,000 people currently live with dementia in the UK, and this is expected to exceed 1 million by 2030.
So, it is increasingly important to ensure that you have full mental capacity when you create your will. Otherwise, your beneficiaries could challenge your will on the grounds that you were not capable of making sound decisions.
To prevent any challenges regarding your mental capacity, it may be wise to include a “capacity assessment” with your will. This formal assessment from your GP can provide your loved ones with the evidence that you were of sound mind when you made your will.
Get in touch
We’ve brought in an experienced new colleague, Olly Biswas, to manage our long-awaited Will Writing and Lasting Power of Attorney (LPA) services.
So, if you need to write or review your will, then Olly is the perfect person to ask for guidance.
Email info@athertonyork.co.uk or call us on 0208 882 2979 to find out more.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The Financial Conduct Authority does not regulate estate planning or will writing.
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