One in three people are counting on inheritance cash payout

By Lenore Rice

One in three people in Northern Ireland and the rest of the UK are expecting to receive an inheritance cash payout according to new research by insurer LV=.

A third of those polled said they were counting on an inheritance to help them redeem their mortgage or pay off other debts, with a quarter saying they would have to work for longer than planned if they do not receive anything. Meanwhile, one in four people said they do not intend to leave any inheritance, with many not being in a position to because of the escalating costs of retirement.

Some other, more wealthy people, are taking the view that they should not give their children a large 'hand-out' and intend to give the majority of their wealth away to charity. However, as we have seen in the recent case of Heather Illott, who successfully challenged the Will of her parents that attempted to disinherit her, that might not be as straightforward as it once was, and children, even adult children, may be able to contest any Will that fails to provide adequate provision for them.

If you require legal advice about writing a Will, updating a Will, or contesting a Will, contact one of the Will writing solicitors at Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9293.

Or to read more information about Will writing services click here.