Planning Ahead: Why Talking About Inheritance Matters More Than Ever

Death is a fact of life. But, at least in the UK, talking about it can be difficult, and emotionally draining. We might not like to imagine a world without a particular close friend or relative, and for that reason we might avoid discussing the possibility and its implications.

Where this hesitance can be damaging is in matters involving inheritance. But in the long run, a failure to talk about how an estate will be passed on can lead to confusion and financial stress among would-be beneficiaries. 

The Benefits of Inheritance Planning

Planning an estate will provide certainty and peace of mind to everyone involved. When we aren’t in control of a given situation, anxiety usually follows. A good plan will also provide a sense of emotional closure, while allowing everyone to be certain that the wishes of the deceased are going to be followed.

Why Transparency Prevents Disputes

Recent estimates claim that the number of inheritance disputes in the UK has reached a record high of more than ten thousand. Not only are disputes expensive, but they also impose a significant emotional burden. It’s not nice to find yourself at odds with close family members.

In the majority of cases, matters are settled out of court. But with the right clarity from the person who has died, in the form of a will, these disputes can be avoided entirely. This might be welcomed even by those who have missed out in the will, if it means that disputes are avoided.

Financial Realities for Beneficiaries

If you’ve been named in a will as a beneficiary, then you might have to wait months, or even years, before the process of probate is dealt with, and the money you’re owed is released to you. The greater the uncertainty, the greater the potential for delay. This can be financially damaging, especially if you lack the cash to pay the bills in the interim. 

Short-Term Support During Probate

Those who find themselves in this situation might consider an inheritance loan, which is a special kind of bridging finance designed to cover the gap. When considering this kind of finance, you’ll need to consider your options carefully, and make sure that the interest you’re being charged is justified by the benefit you’ll enjoy.

Probate can also be an emotionally draining process. For some, this might necessitate professional counselling. For others, the support of friends and family can be invaluable. A regular chat over a cup of tea can make a big difference.