Estate Planning Matters for High-Net-Worth Individuals

While no estate is immune from challenge, the risks of this can be significantly reduced with expert advice.

It is not only as your financial circumstances change but also changes in your relationships or family which need to be carefully considered when planning to ensure your legacy is protected.

Contentious Probate Claims are on the rise

Contentious probate claims are becoming increasingly common, particularly where estates involve second marriages, blended families, often resulting in competing expectations by stepchildren vs biological children. There could be family businesses or significant property portfolios.

Who can bring a claim against my Estate or challenge my Will

Claims can be brought by partners, adult children, ex-partners, cohabitees even those people who have in some way become dependent financially such as for housing. These claims differ in merit, but will all arise where someone believes they have not received reasonable financial provision or there is an unequal distribution. This may start as a challenge to the validity of a Will, such as an allegation of undue influence or lack of capacity. The risks of these disputes can be minimised. These claims incur the Estate in costs and delay administration. Litigation can go on for months sometimes years.

What can you do

Keeping  your Will under regular review is a start in protecting you and those you wish to benefit, however the professional you instruct needs to fully understand the implications of the challenges that could be brought tailored to your specific circumstances to help avoid litigation when you are gone.

Expert Advice from Wilson Browne to you, your IFA or your Will writer

Our firm have a designated team of contentious probate experts who work closely with our will writers to ensure that you receive the advice you need. This includes documenting fully the reasons for key decisions (making challenges more difficult),  considering trusts where appropriate (which can ensure  certain assets don’t fall into your Estate in the first place), and help in choosing experienced executors to help minimise the risk of future litigation but also protect family relationships from disagreements at a difficult and emotionally charged time.

If you want to ensure your wishes are respected, then seeking advice now and reviewing your estate plans today costs far less than the financial and emotional cost of a contested probate disputes of  tomorrow. Planning for the future is about more than passing on wealth, disputes come from a lack of clarity which can damage relationships.

If you or your IFA or your will writer are not fully aware of the potential claims that could be brought against your Estate and what you can do to mitigate those risks whether you have made a Will or not you place yourself at considerable risk.

For anyone but particularly high-net-worth individuals, contact us now and do not leave your estate vulnerable to costly and emotionally draining disputes.

Contact a member of our expert team today! Call us on 0800 088 6004