Should we bank on inheritance?

James Bond actor Daniel Craig has recently revealed that he finds inheritance “quite distasteful” and that he does not plan to leave great sums of his fortune to the next generation.

The actor has explained that he will not be leaving huge amounts of his wealth to his children and instead will focus on giving it away during his lifetime.

This revelation has sparked a debate about whether we should spend our money while we are alive or whether we should pass our assets on to assist the next generation in the future. With house prices soaring and increasing student debt, it could be suggested that people have become reliant on their inheritance more so than any previous generation.

It is, of course, our personal choice what we do, but with an increasing number of inheritance disputes arising, maybe the actor’s suggestion would help stop warring families fighting over assets after the loss of a loved one. If you have spent or given away the large majority of your wealth, there is not a great deal left for people to fight over.

Many people feel confident that their family will not argue over their assets once they have gone, but this is not always the case and it is not uncommon for families to argue for years over who gets what.

If you think you have been left out of a will entirely or do not think you have been sufficiently provided for, you may be able to make a claim for financial provision under the Inheritance (Provision for Family and Dependants) Act 1975.

Getting expert advice early on can often prevent court proceedings being required and our team can guide you every step of the way.