Latest news with #SamGrice
Metro
10 hours ago
- General
- Metro
I execute wills - these are the 3 most common family inheritance rows
Do not assume you'll receive the same money as siblings in your parents' will. And if your partner has children from a previous relationship, buckle in for a bumpy ride. Those are the key warnings from Sam Grice, founder of Octopus Legacy, who's dished the dirt on the most explosive family feuds he's witnessed after a client's death. He tells Metro some of the most common inheritance conflicts can be avoided with a little planning. So, get ready to talk about death. First things first, each person's will is unique to their situation. Typically, it specifies how an individual's property, money, other assets and possessions should be divided among beneficiaries. Bear in mind, 'beneficiaries' doesn't always mean family members or children. They could be charities or organisations. If a deceased has minor children (those under 18), a will can also name a guardian to care for them. In order for a will to be valid, it needs to be signed by the testator (the person who makes the will) in the presence of witnesses. Beneficiaries, spouses or civil partners are exempt. It also needs to meet legal requirements, including being a voluntary act, and the testator being of legal age. While dying with a will can still cause issues (as you'll later find out), not having one in place can lead to legal complexities. Plus, likely disputes about who should inherit your estate. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'Communication before the person dies is so important,' stresses Grice. 'We always encourage the people writing their will to discuss its contents with the beneficiaries while they're still alive.' @thismorning There's something that's maybe more important than a will, and that's a Power of Attorney. Martin Lewis arranged his when he was 35 and explains why you should consider it too as he answers a question from one of our viewers, James. ♬ original sound – This Morning – This Morning Below are three situations that Grice sees time and time again in his line of work. Unfortunately, he says it's often unintentional mistakes that cause huge fallouts. Unmarried partners, usually a second relationship after a marriage, can spark family rows. Typically, only if they were residing in the partner's home, and it wasn't under joint ownership. Grice explains: 'What can often happen is that someone writing their will will gift their property to their children.' Legally, this means that the deceased partner would have to leave, as it's now in the ownership of the beneficiaries. Aka the kids. Granted, in normal circumstances, we like to think that people aren't that harsh that they'd boot a grieving partner out of their own home. They'd at least give them some time to find somewhere else to live, before putting the house on the market. However, Grice says that sometimes, the deceased's children and the second partners may not have the best relationship. Whether the animosity is due to them being the reason their parents split up or just not clicking in general, it can lead to 'heated debates.' There are ways of avoiding this unintentional mistake, says Grice. 'As a solicitor, we'd recommend the testator set up certain types of trusts that allow the partner to live in the home while they're still alive. 'We see this a lot with ageing couples,' he explains, adding: 'We've had a situation where that partner hasn't left the home, which led to an escalation of events that got quite messy.' 'Due to a lack of communication before a death, people often don't explain their will in advance,' says Grice. Meaning, the testator won't sit down with the beneficiaries and read it, leaving them unaware of its contents until it's too late. 'The reading of the will is sometimes the first time people receive its information,' he notes. Cue potential family secrets causing chaos: 'We often see people listed in the will that others didn't know about. For example, an affair, or a second relationship that wasn't disclosed to the person's family while they were alive. But, have received a gift or some money in the will.' 'Not explaining wishes in advance – even though there are some things that should be discussed before a death – can cause so many problems.' Grice knows of people that were expecting to receive the entirety of an estate only receiving a little bit of inheritance. Imagine the shock of finding out that your mother or father had left some of their cash to someone you didn't even know existed… Sadly, this is the most common form of inheritance drama. According to Grice, it can present itself in multiple ways. Firstly, it could be that children aren't gifted the same amount in the will. 'There's an assumption that all children will get an equal share of the estate,' explains Grice. 'But what can often happen in life is that parents will start to gift things to each child before they die.' In the parents' minds, Grice says they then try to balance that out in the will. For example, if one child was gifted an expensive holiday overseas because they couldn't afford it, the other child may receive the vacation amount in the will, alongside whatever else they've been left. But, this may not be disclosed to the children before the death, which can cause sibling conflict. 'Another one involves the executor,' says Grice. This is the person named by the deceased to manage the will according to its instructions. The executor will do most of the work and will usually be either the oldest child or the one who is better with money, according to Grice. 'But it doesn't always go to plan,' he says, explaining that an executor can make decisions that the other siblings don't agree with, or feel left out of. More Trending 'If you had two children, and there was a disagreement between the beneficiaries, then the executor is the one who can ultimately make decisions, and that can lead to conflict,' he says. Grice notes that these rows normally revolve around sentimental items, like engagement or wedding rings. 'Unless it's listed in the person's will, executors can get involved,' he adds. Grice concludes: 'Even though they're not legally allowed, we often see the partners of the children get quite opinionated through the process as well, and that can cause sibling arguments.' View More » Bottom line? Get that will sorted, people. 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Telegraph
3 days ago
- Business
- Telegraph
Octopus targets baby boomer inheritances with cheap will-writing
The multibillion-pound fund behind Octopus Energy is rapidly expanding its will-writing business amid a wave of wealthy baby boomers preparing to pass on fortunes to their children. Octopus Legacy said it was fielding 'a massive interest in estate planning', as baby boomers begin to draw up wills to transfer their assets to younger generations. Over the next 30 years, trillions of pounds is expected to be transferred to millennials and Gen Z-ers in what is expected to be the largest wealth transfer ever recorded. Sam Grice, the chief executive of Octopus Legacy, said: 'I think £5.5 trillion is going to be passing from one generation to the next.' Research has suggested that those born between 1946 and 1964 are the richest generation in history, while figures from the Office for National Statistics show that households with people aged between 65 and 74 are 33 times wealthier than Gen Z-ers, with nest eggs worth £502,500 to be passed on. Mr Grice said there was a growing interest in estate planning and will-writing as baby boomers became more aware of their own mortality and were looking for cheaper options to deal with their fortunes. The cost of a simple will is typically between £150 and £200, while solicitors often ask for more than £500 for specialist wills. Octopus charges £100 for its online wills or £150 for will-writing with a phone call or home visit. Mr Grice said many people getting in touch were also raising questions over the impact of recent Treasury changes. In her October Budget, Rachel Reeves, the Chancellor, altered both business property relief (BPR) and agricultural property relief (APR). Under the changes, inherited farms worth more than £1m will be taxed at a rate of 20pc, having been shielded from the levies for decades, while a 20pc rate will also be charged on inherited business assets over £1m when someone dies. Mr Grice said: 'When we have our consultations with clients, most of them have a question about inheritance tax.' The rapid expansion of the estate planning arm comes three years after Octopus Group bought the will business, then known as Guardian Angel. It was later rebranded as Octopus Legacy and is now the second-largest estate planning firm in the UK. The business reported a turnover of £245,280 from Jan 1 2022 to April 30 2023. It made a pre-tax loss of £1.22m during the same 16-month period. This week, it bought WSL Will Writing. Mr Grice said Octopus Legacy was looking to mirror the success of the group's energy business Octopus Energy. 'We want to become the market leader in these services and be a really dominant brand ... Once you become a market leader, you have true ability to reshape an industry.' 'For us, that's things like driving fair pricing, being really transparent, focusing on the customer and also having a wider conversation about how you want to be remembered.' Octopus Group was founded in 2000 by Simon Rogerson, Christopher Hulatt and Guy Myles after the trio quit their jobs in asset management in their early 20s. The company is best known for launching Octopus Energy, which has grown from nothing in 2015 to serve almost 13m customers today. The provider has since been spun out of the group but Octopus Group remains the largest external shareholder. Meanwhile, Octopus Group has expanded into a number of different sectors through its investment arm, which manages funds of roughly £10bn for more than 63,000 investors. Earlier this year, Octopus also announced it was launching a new mobile network.
