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Advisers urge families to record inheritance wishes
['Momodou Musa Touray']
Money Marketing
Financial advisers are urging people to record who should inherit sentimental possessions, warning that informal promises over family heirlooms can lead to bitter disputes after death.
Gallacher has developed a Promised Gifts Log to help people record which sentimental possessions they intend to leave to specific beneficiaries and why.
He said families should discuss significant possessions openly and keep a written record alongside their will, listing the item, intended recipient and the reason for the gift.
Roxton Wealth practice principal Nouran Moustafa said sentimental possessions often carried far greater emotional weight than their market value.
He said a letter of wishes or a simple written record alongside a will could remove much of the uncertainty that often fuels family disputes after a loved one’s death.