Multimillionaires Most Likely to Cut Relatives Out of Will

Having rich parents is no guarantee of financial security, according to a survey that has found Britain’s multimillionaires are more likely to cut children out of their wills, The Telegraph reports.

The poll by Barclays Wealth found that 5 per cent of people worth between £1million and £2m had disinherited relatives.

However, the figure rises to 13 per cent among those with assets of more than £10m.

The report found that money was often a source of tension in families, with 37 per cent of the well-off individuals questioned saying that they had experienced “conflict” with those closest to them as a result of their wealth.

But it also appears that some decisions to cut loved ones out of wills may have been taken to avoid them frittering away hard-earned fortunes, rather than a result of disputes. Four out of 10 questioned said they “do not trust their children and stepchildren to protect their inheritance”.

Overall, 6 per cent of high net worth individuals in Britain said they did not intend to pass on their wealth, with many believing that earning money is more likely to lead to happiness than inheriting it.

Wealthy individuals in other parts of the world, such as the Middle East, Africa and Latin America, were far more trusting of their descendants and experts believe this could be a result of Britain’s higher rate of relationship break-up and remarriage.