Christmas a Recipe for Disaster
Christmas is meant to be a happy time when you enjoy celebrating with your extended family. However, a 2019 research report from the UK identified that British families have no fewer than five arguments on Christmas Day alone, with the first happening at 10:13 AM! I am sure that Canadians are not that different. Kind of a scary number when we think of the season as that of coming together.
This report also suggested that early January is the peak season for people to disinherit relatives or protect money and assets from partners, siblings, and children, according to Stephensons Solicitors LLP. The London-based firm recorded an increase of 114% in enquiries in January 2019, with figures predicted to be similar for the following years.
At Smartwills, we cannot say that we experience this same desire to rewrite Wills, but we do take counsel from this article. It is important if you do have a change of heart that you consider informing heirs that you are planning to change your Will and if in extreme circumstances disinherit them, especially if they are family members.
Market research also supports that the holidays push fragile relationships to a breaking point. The use of time and perspective and seeking our professional help can certainly help bridge difficult and emotional discussions. It’s important that beneficiaries can’t claim it was a surprise and, with some very direct discussions, they might be less likely to challenge your Will and fight with siblings and or other beneficiaries.
Check out our blog post on Practical Christmas Gifts
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This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.