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Press comment: High court case reveals need for prudent IHT planning

Today a son has lost a three year legal dispute with his siblings over their mother’s will. The son, Duncan Parsonage, said the mother’s latest will was written when she was suffering from dementia and so should be deemed invalid and her previous will, where he inherited more, should be used. The High Court judge ruled in favour of the siblings, saying that while the mother was suffering from dementia-like symptoms when the second will was drafted her dementia had not adversely affected her capacity to set out her final wishes.

If you’re covering the case please see the following comment from David Gibb, financial planner at Quilter: 

“Dementia is unfortunately a high possibility in the current day. And this is has huge implications for ensuring that your wealth is distributed as you’d like it to. Debates around inheritance have the potential to bring out the worst in people and destroy families. Figures shows that more and more people are taking to the courts to sort out these disputes, something which can cost more than the inheritance was worth in the first place.

“This case hinges on the fact that Beryl Parsonage updated her will at a time when she was beginning to show signs of dementia. When it comes to estate planning it’s important to update your will as soon as possible whenever there is a significant life event or circumstances change as you never know what is around the corner.

“Trusts are an invaluable tool for complex situations. A trust would be run by a number of trustees after your death, who would distribute funds in line with your wishes. However, they can also adapt to any change in circumstances instead of strictly adhering to the will.”

For more information contact

Kathleen Gallagher
02380 726293
07990 004932
kathleen.gallagher@quilter.com

Mike Glenister
02077 789638
074 6914 4535
michael.glenister@quilterinvestors.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.7 billion in investments (as at 30 September 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.