Over half of millionaires don't have up to date Will

One of the most common reasons given by the 70 per cent of the adult population in Northern Ireland and the rest of the UK for not making a Will is that they have nothing to leave behind. A new study suggests that even millionaires, who certainly have the ability to leave an inheritance, are not on top of having a Will and keeping it up to date.

A study by Coutts revealed that 58 per cent of the 270 millionaires it surveyed do not have an up-to-date Will. The study also revealed the following statistics about the millionaires that were polled:

  • 37 per cent have serious family arguments about inheritances
  • 20 per cent of parents were concealing the full extent of their wealth from their children
  • 25 per cent are considering asking the children they plan to leave an inheritance to to get a pre-nuptial agreement
  • 33 per cent of parents intend to pass their estate to the eldest child - custom known as primogeniture

Executive director at Coutts, Juliette Johnson, spoke of the need for making a Will and having a clear inheritance plan that is openly communicated in order to avoid family quarrels. She also suggested that pre-nuptial agreements are an easier topic to raise with your children before they are engaged, as there is less emotion involved than if it is left until after an engagement.

If you require advice about making a Will, gifting, inheritance tax, trusts, or prenuptial agreements, contact one of the solicitors at Wilson Nesbitt in Northern Ireland by calling 0800 840 9293.