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

Safeguarding clients in a world of increasing HMRC activity

Safeguarding clients in a world of increasing HMRC activity

'It is important that financial advisers stay informed and proactive'

Louisa Beciri and Tom Lewis
clock 23 April 2025 • 4 min read
IHT receipts swell to record £8.2bn for 2024/25

IHT receipts swell to record £8.2bn for 2024/25

10% higher than last year, commentators note

Jen Frost
clock 23 April 2025 • 2 min read
HMRC gears up for an increase in criminal investigations

HMRC gears up for an increase in criminal investigations

'Criminal investigations are reserved for the most egregious cases'

John Hood
clock 17 April 2025 • 4 min read