17 December 2015
A Life on Hold – Waiting For an Inheritance
Up and down the country people have put their life on hold. Why? Because they are waiting for their inheritance.
Research conducted by the contentious probate solicitors at Slater and Gordon revealed that 40 per cent of Brits are waiting for a cash pay-out from a will. But how and why are so many of us putting our lives on hold and waiting for this inheritance?
Having outstanding debts can leave you feeling stressed and anxious. Often people will choose to ignore debts, of course this can let the situation spiral out of control. The only way to truly be able to move on is to pay back the money you owe.
From our survey, 20 per cent of people said they were relying on an inheritance to help them pay off debts. For some people, debt levels are such that it is unrealistic to work them off in the short-term. This leaves them with a life on hold, the debt hanging over them until they receive enough money from a will to help get them out of the red.
According to our survey, 20 per cent of Brits are reliant on receiving a lump sum in a will in order to help them reach key milestones in their life. Many key markers in life are sadly very expensive.
Couples are unable to afford the wedding they want. For some, this means putting off moving to the next stage of their relationship until they have the finances to afford their dream wedding.
Others see buying a house as a key milestone in their adult lives. But the switch from renting accommodation to buying a house is an expensive one. People up and down the country need a lump sum left to them in a will as they are unable to save enough to be able to put a deposit down on a house and get a mortgage without it.
Meanwhile, some people have to put retirement plans on hold and continue working for longer than they would like. We found that 10 per cent of the respondents to our survey would struggle without funds from an inheritance.
Keith Etherington is a senior associate at Slater and Gordon in Manchester specialising in estate disputes and challenges to wills.
For expert legal advice on how to contest a will, call Slater and Gordon Lawyers on freephone 0800 916 9055 or contact us online.