Leaving a will - not a legacy of family hostility
I am considering changing my will as I would like to give the entirety of my estate - principally the shares in my business - to my eldest son who now runs it. My wife and other children are all well off, so I don't feel that they need the money and I do not want to break up the company. If I make a will in these terms, is there anything my wife and children can do to challenge it?
The basic principle in English law is that an individual can leave their assets to whoever they want. However, this principle is tempered by the provisions of the Inheritance (Provision for Family & Dependants) Act 1975. The legislation allows certain categories of eligible people to bring a claim in circumstances where they consider that the provisions of the will - or intestacy - do not constitute 'reasonable financial provision'. Most eligible applicants include spouses, children and co-habitees. While children and co-habitees are restricted to a 'reasonable provision' for their maintenance, spouses are not subject to this limit.
If, as you say, your other children and wife are well off, then they are likely to struggle in bringing a claim. However, the courts have to consider a variety of factors including the financial needs and resources of both the person bringing the claim and also the other beneficiaries of the estate. Courts do have the power to sell off particular assets such as the company shares to satisfy a claim.
But as you can imagine, disputes in this area can be complex and hostile. It is always sensible that if at all possible, you discuss any changes you want to make to your will with your family to avoid challenges being brought in the future.
For more information on this or for adivce on a wills or probate dispute issue, please contact: