IHT and estate planning in general can be managed through the use of Wills and for many families, financial planners highlight it as the first port of call.
Despite the importance of Wills, recent analysis from Kingsley Napley showed many are being challenged in court, potentially throwing thousands of financial plans up in the air. Katherine Pyrmont, a Senior Associate at Kingsley Napley, explained the importance of this.
She said: “Statistics published by the Ministry of Justice evidence that disputes in the High Court over wills continue to increase year on year. Modern family dynamics (primarily) arising from second marriages and step children and/or half brothers and sisters as well as increased house prices are likely the most obvious reasons for the upward curve.
“Estates are worth more and consequently considered worth fighting over, particularly when there is no love lost between the parties.