Channel 4’s latest reality series The Inheritance has captured attention with its glamorous setting, dramatic twists, and cast of thirteen strangers competing for a fortune left behind by a fabulously eccentric benefactor, played by Elizabeth Hurley.
Hurley’s character leaves behind a fortune and a set of instructions for strangers to follow. The contestants are summoned to a stately home to compete in challenges designed to test their charm and brains as they attempt to persuade others that they deserve the money. Overseen by Rob Rinder, playing the executor of the deceased’s estate, the game unfolds as a social experiment exploring how people behave when faced with the prospect of sudden wealth.
While this scenario may be exaggerated for entertainment purposes, the underlying storyline will, unfortunately, be deeply relatable for many viewers who are faced with the chaos and emotional turmoil that can arise when a loved one’s will does not reflect the deceased’s intentions or match expectations. To that end, the programme highlights the importance of having a professionally drawn up and clearly drafted will, and the complications that can arise where this is not in place.
The importance of a clear, legally binding will
Having a professionally drawn up will not only saves time and costs, but it can also considerably mitigate stress during an already difficult time. It ensures that your wishes are respected, and your assets are distributed as intended.
The key benefits of having a will are:-
- Control – a will gives your control over the distribution of your estate on your death. If you die without a valid will in Scotland, your estate will be distributed according to Scottish law which may not reflect your wishes.
- Guardianship – if you have children under the age of 16, a will allows you to nominate individuals to act as guardians in the hopefully remote scenario of you dying before they have attained this age.
- Asset protection – if you have concerns about asset protection such as assets potentially passing to a vulnerable individual who is unable to manage those assets for whatever reason, or you have other family dynamics to consider perhaps with a second marriage, you can include trust provisions in your will which protect the assets for an individual’s benefit.
- Tax planning - with proper advice, a will can also minimise inheritance tax.
Without a will, you have no control over what happens to your assets and your loved ones when you die.
Lessons from The Inheritance
The Inheritance offers more than just intrigue and entertainment—it’s a timely prompt to reflect on our own estate planning.
In real life, ambiguity in a ‘homemade will’, or the absence of one altogether, can often lead to significant stress, delays, additional costs, fractured relationships, and outcomes that may be far from what the deceased would have wanted.
Whether your estate is modest or substantial, having a professionally drafted will is one of the most important steps you can take to protect your legacy for the benefit of those you leave behind. For more information, please get in touch with one of our wills and estate planning experts.
