Market Research

Britons Only Stay In Touch With Elderly Relatives For Inheritance, Survey Reveals

Mark Shapland, Reporter, London, 16 June 2014

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Britons are only likely to stay in touch with an elderly relative for the sole purpose of being included in their inheritance, a recent survey has revealed.

Britons are only likely to stay in touch with an elderly relative for the sole purpose of being included in their inheritance, a recent survey by Seddons law firm has revealed.

A whopping 65 per cent of respondents to the survey thought this was the main reason why people kept in contact with their aged grandparents, fathers, mothers etc.

The shocking revelation comes as a further  63 per cent said that people were reliant on a future inheritance to be financially better off in life. Only 10 per cent believe that people are not reliant on inheritance.

No doubt the figures reflect a Britain still hit hard by the recession and show just how important family money has become in order that people can maintain their standard of living.

The survey also revealed that will disputes were most likely to occur between siblings - making up more than 44 per cent of all disputes.

Eight per cent of feuds were between partners or between a parent and a child, and an even smaller proportion - only about six per cent - involved step-siblings.

The vast majority of disputes – some 83 per cent – involved total monetary assets of less than £250,000 ($423,000).

The largest single proportion of respondents - nearly 32 per cent - indicated that unequal distribution of money lay at the heart of the squabble.  In addition, a combined 46 per cent reported that the feud was because they did not get what they were promised or that someone took everything that was promised to them.

Disputes were over a residence or land (51 per cent), with money (32 per cent) or personal possessions (21 per cent) next most frequently involved. More than 41 per cent of disputes involved an ‘incompetent or negligent’ will – including homemade or DIY wills. The choice of executor was reported as a factor in only some 17 per cent of disputes.

 

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