In what sounds like a plot straight out of Succession, there is a rise in parents leaving more in their will for one child than another.
That’s according to Scott Taylor, who heads the private wealth disputes team at legal firm Moore Barlow.
It may seem unfair to leave different amounts – and Taylor has data that shows slightly less than half of Britons think it’s justified – but that doesn’t mean parents don’t have valid reasons.
Even so, children do in some cases have the right to take their parents to task over their inheritance.
“We are seeing a rise in unequal wills, and usually for good reasons where one sibling may be financially better off than the other or has had more support during their lifetime,” Taylor said.
“But just because these reasons make sense to you, it doesn’t mean they will to your children.”
So, why are parents doing this?
There are a number of reasons why parents may weigh the inheritance differently between their children.
It could be driven by the amount of financial support a child has had, be it in the form of university tuition or a house deposit, for example.
One may have a better job than another, or married into a richer family, and of course it could all boil down to personal relationships.
It’s often the case on farms, Taylor said, that one child will be more active in the business and therefore inherit a greater share.
And he has one client now opting for a “hotchpot” clause, which essentially deducts the amount of money or value of an asset transferred in life from the will.
Are the children OK with this?
It won’t always be well-received by all children – and it’s not unknown for parents to be taken to court.
Taylor highlights two ways to prevent this.
Firstly, and most simply, talk to them.
“I’d encourage you to have open discussions with your children about your plans, to help manage expectations and reduce the likelihood…
