Millennials Set to Shake Up Inheritance

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Millennials—a generation that's not just shaking up avocado toast sales but also the world of estate planning!

A recent report reveals that Millennials are more inclined than any other age group to dispute a will if their inheritance doesn’t match expectations. Talk about keeping things spicy in the probate courts!

According to the Level Group's study, a whopping 51% of Millennials are banking on their inheritance to help with mortgages, daily expenses, and a better lifestyle. With 29 million Brits expecting a windfall in the next two decades, it’s clear that many are counting on this financial cushion. But here's the kicker: 27% of them might find themselves in debt if that inheritance doesn’t materialise. Yikes!

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So, what's the solution to avoid turning family gatherings into courtroom dramas? Enter proactive estate planning! The experts suggest crafting a crystal-clear will, appointing a savvy executor, and keeping those family lines of communication wide open. After all, no one wants to add probate woes to an already emotional time.

For those looking to dodge disputes, consider using a Trust to keep things private or involving a mediator to nip conflicts in the bud. Remember, a stitch in time saves nine—or in this case, a well-planned estate saves a lot of legal headaches!

So, Millennials, while you're busy disrupting industries and redefining norms, don’t forget to give estate planning the attention it deserves. Your future self—and your family—will thank you!

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Want to hear more? Join Mal & Matt on the Property AI Report Podcast each week!

Access from your preferred podcast provider by clicking here

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