Tony Maxfield: Where there's a will, there can be affray

Fairness v equity

clock • 3 min read

Most high net worth families want to leave a legacy to their loved ones, writes Tony Maxfield. What they rarely consider, however, is that children and extended relatives might squabble over their estate.

John, a business consultant who requested anonymity given the sensitive nature of the topic, found himself in the middle of a family feud when his mother passed away a decade ago. Despite the existence of a will that divided the assets of the multimillion-pound estate equally, in-fighting began. "One of the members of our family had signing authority over one of her bank accounts that had a sizable amount of money, which they withdrew after her death," John recalls. "It caused a lot of bad feelings within the family." The draining of the account had been encouraged by the spouse of on...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Inheritance tax exemption threshold for farmers increased to £2.5m

Inheritance tax exemption threshold for farmers increased to £2.5m

Change takes effect from 6 April 2026

Isabel Baxter
clock 23 December 2025 • 2 min read
IHT receipts continue on path to record year

IHT receipts continue on path to record year

£5.8bn for first eight months of 2025/26

Jen Frost
clock 19 December 2025 • 2 min read
To 2p or not 2p: Income tax rate changes explained

To 2p or not 2p: Income tax rate changes explained

'Income tax rate changes, but not the ones we were expecting'

Julia Peake
clock 18 December 2025 • 6 min read