Date: Wednesday 28 August 2024
Estate Contests on the Rise | The Impact of the UK's Cost of Living Crisis
The cost-of-living crisis began to intensify around 2021 and has continued into 2024. As a result of this crisis, many households are struggling to make ends meet, facing difficult choices between basic needs and falling into debt. The crisis has exacerbated financial insecurity and highlighted economic inequalities across the country.
Between 2017 and 2022 will disputes rose by 34%. In 2019, the High Court reached an all-time high of 188 contested wills cases which was an increase of 47 percent from the previous year according to figures released by the Ministry of Justice. These figures are just the tip of the iceberg with many disputes settled or abandoned before the case even gets to court. To further reflect the increase, the IFA magazine in their article ‘Cost of living crisis could be leading to a rise in inheritance disputes’ highlighted that Google searches for ‘disputing a will’ have increased by 60% in the past year. Has the financial insecurity of the cost-of-living crisis resulted in a rise in will disputes?
What is contested probate?
Will disputes, or contested probate, is essentially someone challenging a Will. The disagreement can arise because of the terms of the Will, whether it was valid, or even whether there is a Will at all.
The phrase “Contentious Probate” is often used generally to cover the following sorts of claim:
- Inheritance (Provision for Family and Dependents) Act 1975 claims
- Contentious probate and estate administration disputes
- Claims to remove executors
- Challenging the validity of a will based on undue influence, lack of testamentary capacity and/or knowledge and consent
- Trust disputes
- Equitable remedies including proprietary estoppel, resulting trust and constructive trust claims
- Professional negligence claims
- Disputes between trustees and beneficiaries
- Disputes with professional deputies
Reasons why a Will could be invalid include:
- Lack of testamentary capacity
- Lack of valid execution
- Lack of knowledge and approval
- Undue influence
- Fraudster/forgery
Why are contested probate claims increasing?
A correlation can be drawn between the financial instability and anxiety brought about by the cost-of-living crisis and the reliance on inheritance money. This reliance on inheritance money and expecting a certain amount under a Will has increased the amount of contested probate cases. In turn, the increase in contested probate cases has brought awareness to the existence of contested probate which has prompted more people to question whether they were entitled to more under a Will.
What can we do to help?
If you consider you have grounds to contest a Will, we strongly recommend you seek legal advice as early as possible. Our experienced Dispute Resolution team will be able to prove calm, friendly, and professional advice, explaining in plain language the law, evidence required, steps to be taken, issues, and your options.
Contesting a will can be complex and very stressful, especially when emotions are likely running high and the grief of losing a loved one. Our Dispute Resolution team is experienced in handling Will disputes and understand the daunting and stressful situations a dispute can cause with family members. If you have concerns about a Will, just call us on 01926 491181 or email: siobanc@moore-tibbits.co.uk.
Article by: Florrie Talty-Sanghera
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Estate Contests on the Rise | The Impact of the UK's Cost of Living Crisis