Generational wealth gap fuels spike in family feuds over wills
Feuds over family inheritance are on the rise as the number of applications lodged to challenge wills reached an all-time high in the final quarter of 2024.
According to law firm Taylor Rose, there were 3,061 applications to enter a ‘caveat’ with the Probate Registry over Q4 2024, the first time applications surpassed 3,000 in a single quarter.
The firm explained that the upward trend is likely to continue, driven by a complex mix of societal and demographic factors, including longer life expectancy and a higher cost of living, which is resulting in people relying on inheritance for their future.
A freedom of information (FOI) request obtained by Taylor Rose revealed that over the last five years, applications to the court to block probates had increased by 56 per cent.
This comes on the back of a report in May that highlighted that nearly four in ten Britons said they’d dispute a will and potentially go to court if they thought the inheritance they received was unfair.
Generational gap
One of the issues is the wealth gap between the generations, as the older generations hold a disproportionate share of wealth, often tied up in property and pensions.
Meanwhile the affordability of housing has worsened over recent decades, as the average price for a UK property reached £269,000 in May, a 3.9 per cent year-on-year increase.
Just last month, Rightmove revealed that the number of homes in the UK priced at £1m or above has doubled since the start of the pandemic.
The Bank of Mum and Dad is becoming increasingly common among Millennials and older Gen-Z generations as a means of getting onto the property ladder.
Wendy Rixon, Joint Head of Wills, Trusts and Probate Disputes at Taylor Rose, explained: “Many people have become more dependent on inheritance, particularly those who have found it unaffordable to get onto the property ladder.”
“Fallouts amongst families over inheritance are hugely emotional and stressful, but they are becoming more common,” she added.
An issue that is resulting in people litigating over wills is the use of DIY kits, which are often online services or other non-professional methods. According to the National Wills Report, over 20 per cent of people with a will have opted for the DIY method over a professional.
The lawyers at Rose Taylor noted that concerns remain over the quality of wills produced, including a common failure to account for complex family or financial situations. Many DIY wills have never been properly executed, rendering them invalid.
Sharon Macaulay, Joint Head of Wills, Trusts and Probate Disputes at Taylor Rose noted: “You should enlist the help of a properly accredited Wills and Probate solicitor from a regulated firm of solicitors to advise you on this and make sure your position is protected, as it can save a lot of heartache – and cost – for your loved ones later on.”
“Poorly drafted Wills by will writers who remain unregulated by a professional body have also led to an increase in claims. Mistakes made by such companies are often not covered by professional indemnity insurance, and so suing them for professional negligence is pointless as they may have no insurance cover to fund any damages,” she added.