Latest / The Curve / Why more families than ever are ending up in court over wills.

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Why more families than ever are ending up in court over wills. · The Curve

• 0:01
  Coming up in today's episode, three stories that sound incredibly far apart, but actually are weirdly intertwined. The first one, is Katia the new Hermes? The love bracelets that everyone is obsessed with are increasing in value, but is it actually a good investment? Second.
• 0:16
  Secondly is the India exam scandal. So student doctors have been paying for their exam papers ahead of time and it's causing huge wealth divides. And third, the great wealth transfer, but it's not actually in regards to how much money is being passed from generation to generation. It is the fact that over the last decade, the amount of families and people that have ended up in huge fights over money has risen by 130%.
• 0:39
  We talk about some of the main reasons why we're seeing such an increase in fights and fallouts over money, as well as practical tips to avoid this from happening within your own family. Welcome to The Curve Weekly. This is where we read the finance news so that you don't have to. I'm Abbey Foster. I'm an ACA chartered accountant, founder, author, and finance content creator. And I'm Sophie Hallwright. I used to produce some of the biggest shows in the world. I've now started this podcast to try and understand more about money and the economy. But before we dive in, here is a quick word from today's sponsor.
• 1:13
  Strong returns in one year, I mean, you could say luck, but strong returns over 10 years, that's a track record. Find out more about Generate's 10-year track record and see their disclosures in the show notes. Remember though, track record does not guarantee future returns. Abby, before we get into today's episode, let's do a little overview. So Abby is filling in for Vic as she is in New Zealand currently working on
• 1:40
  What should we call it? Project TCI. Maybe that's giving too much away. Anyway, welcome back. Thank you so much for filling in for Vic. How has your week been? What's been happening? Actually, oh my God, should we do it in the red or in the green? Yes. So I think I'm in the green because at the end of last week, I was not feeling good. And so at the weekend, I think there's a lot of women do. I was like, right, everything has to go. Like all the clothes in my wardrobe, I hate. They have to go. I need to clear out my flat. I need to clear out everything.
• 2:09
  And I did. You had a purge, a full-on purge. I had a full purge of my flat. I like threw out just even little things. Like I have this set of like three glasses that I have that I hate. And so I bought, I know it sounds ridiculous. They're just like drinking glasses, but they're the wrong shape, the wrong size. I just don't like them. And I think my mum like gave them to me. Three is also a really annoying number, isn't it?
• 2:29
  Exactly. And that was the worst part about it. It's like, it's two or four or six. It's never... And they just were in my cupboard and I would hand people a glass and then if there was a fourth person, it looked weird. I would just... It would upset me. Anyway, the point of the story is that I cleared that out. I bought myself these six...
• 2:45
  And like tumblers I really liked. I got all of the clothes out of my wardrobe. And I was really ruthless with the stuff that I don't love anymore. And I just put them on Vinted. And I've made... Currently... I've got some pending balances. But currently I've made £249. Very good. I've been selling like a few dresses that were beautiful...
• 3:02
  And I barely walked. So I did this recently with I'm going to sell my bike. There was a pair of sunglasses I wasn't wearing. I've just decided to do the same thing. It sort of gets me for some reason if I'm selling something for way less than what I bought it for. It's a little dagger to the heart. But I've got to get over that because sitting in the wardrobe is so much worse.
• 3:19
  Exactly. It's making nothing. And actually, every time I open my wardrobe, it was like busting at the seams. It wasn't making me feel good. And some of the dresses, just in case I lost weight last year for lots of reasons, but I lost too much weight last year and I bought a load of things at the time that I thought were going to make me feel better. I've now gone back to a size that I am very comfortable in, but is bigger than what I was. Right. And I, in my head, I'm like, oh, I'll leave them there just in case. Absolutely.
• 3:43
  Toxic. Exactly. Yeah, it's got to go. And I'm like, no, they've got to go. They don't make me feel good. I'm never going to, I don't want to be that size. So what am I waiting for? And actually there's someone that, there'll be someone out there that is that size naturally and it looks perfect for them. And the dress that I spent a hundred quid on, they're now going to spend 50 quid on. Fantastic. And they're going to love that. And they're going to wear it to death.
• 4:02
  I am – not that you are, Spinn-Reed. No, I was – do you know what? I was literally about to say to you, like, red or green. I was like, I don't know how that works. What am I – oh, actually, this is quite a good update. So I spoke on the podcast a few weeks ago about how I really wanted to get a dog and I was wanting to invest in getting a puppy. And thank you so much to everyone that sent really long messages about, like, should I, shouldn't I? Like, I got voice notes. I got –
• 4:26
  photos of the best breed to get it was just like so cute I was loving it when I think I spoke about this on on Monday's episode in the weekend I was with my boyfriend's family and and basically his mum had gone on a campaign to basically turn us off the idea of getting a dog and it was so funny because I found myself in all these conversations they were like
• 4:46
  God, our dog's annoying. Oh, it's a really bad idea to get dogs if you're planning on having kids. You know, it's so funny. Okay. And my boyfriend and I were like, are you getting some serious don't get dog vibes? And we were both like, yeah. So basically, on his birthday, I wrote a card and I said, I can't afford a whole dog, but this is, I've put money aside for half a dog for your birthday. So I'd say 500 pounds and that was my plan. I was like, here's your birthday present. Wow.
• 5:09
  That's nice. Thanks. Half the dog. Couldn't afford the whole thing. But, you know. What dogs are you buying? They're so expensive. I can't even – don't get me sad on that, and I don't want to bore the audience with the exact same conversation. But they are outrageous. And this is even like me trying to get a rescue dog. Mm-hmm.
• 5:28
  Anyway, so I'm kind of in the green because I don't need to give that birthday present anymore because apparently we're not getting a dog. Everyone's put us off the idea of it. What's he going to spend his $500 on? Well, I was thinking, do I get that money back? No. I don't think you can rescind a birthday present. But I also got him a tattoo. So I feel like that's – so I sort of did get him a present. So maybe that goes back into the like, what should we do with this money as a collective? Together, yeah, yeah, yeah. I'm in the green. That's what I'm clinging to. Love that. Yeah, yeah.
• 5:59
  So, everyone knows the Cartier Love bracelet. This is something that I have talked about at length of wanting. Do you know the one I mean? Yeah, I have. So, I have the Cartier Love ring. You do, don't you? Yes. So, I bought it for myself for my 30th because I have seen and grown up looking at all these women with their Cartier Love bands. So, it's like the band version. But it's always been way out of reach. Me too. In budget. And I just couldn't justify it. But the ring was, like, significantly less.
• 6:27
  And it was a beautiful experience. I will tell you that when I bought the ring. So here's the thing. I have said for ages I would love to buy this bracelet. It feels to me like an investment in something that I would love to wear, that I really like. And also I thought –
• 6:44
  I think low-key this is a good investment. The reason that this has come up, so firstly, everyone on socials wears this bracelet. It's become cultural currency. It's turned into this thing where it's almost, I would say, a slight baby sister, poor cousin to the Birkin. If you're like, what? Birkins are an investment. So the bag...
• 7:03
  has returned 92% in the pre-owned market over the last 10 years. So the actual Birkin is now essentially thought of as an investment. It's now technically worth something and it holds its value, if not appreciating over time. There was a story that came out this week that was basically saying, you know, is Cartier the new Birkin? And it got me down a hole of thinking first off, I was like, oh,
• 7:29
  This is very exciting because I've always wanted to buy one. And now it's kind of being validated that this is an investment. So in the US, Katia raised their prices on average by almost 7% in late 2025. So someone that bought this love bracelet in 2022 at, say, just over $6,000, who now owns it, it's close to $8,000 now,
• 7:53
  So that's essentially in a three-year period, it's gone up by around 26%. But to buy it new, it's not necessary to say the one you're wearing would also be worth that. That's right. But I think a lot of people sometimes, and it's the same with the Hermes bags, like the Birkins, the Mini Calais, etc. They have gone up in value, but you have to keep them as collector's items.
• 8:15
  isabel laurna who's this like creator in the uk that i am obsessed with she calls herself a lux fluencer and she has loads of birkins the entire video right that she literally put up maybe yesterday i do stalk this woman a lot she was literally just peeling the plastic off of the hardware on her birkin and saying how like it's gonna lose like six grand in value or something just by pulling the plastic off the hardware yes if you keep them as like collector's items or like artwork and you keep them in the boxes and you keep the plastic on the hardware and all of that
• 8:45
  I don't know. I don't know. Like, if this is how we're going to convince ourselves we need to own something, who am I to stop people? No, I think because then the other thing is I saw this video pop up and it was this other UK influencer, Emily someone, and she... Oh, Wilcox. Yes. Did you see this video? Yes. Yes.
• 9:01
  Things absolutely not worth investing in. Personalised number plates. Why would you voluntarily make it easier for strangers to identify you? Birkin bags. It looks like someone forgot to finish opening it. Designer t-shirts. Specifically the designer t-shirts with the big title text and then the small subtitle underneath it. It's giving designed on Canva. In fact, anything designer with someone else's name on it. Leasehold flats. The Cartier Love bracelet. Nothing says individuality quite like wearing the exact same 4,000 pound bracelet everyone else has. And Ramoah suitcases.
• 9:31
  Bye.
• 9:32
  I was mortified. She dug out Ramoa suitcases. I was devastated. I was like, okay, mine's my entire personality. Okay, maybe it's not. But basically, I wanted one for years. Those are the silver suitcases that are really expensive. Yes. You are spending a thousand pounds on a suitcase, yes. But I was like, do you know what it came down to, and I'll be really honest with you guys and the audience, is that I always wanted one for years and years and years. And someone used to say to me that, they were like, that's ridiculous, you can't have it, blah, blah, blah. So then when I...
• 10:02
  My life changed. I was like, right, I'm having the suitcase and no one can stop me. But that's how I feel about the heart bracelet. But then she was saying in this video, why would you ever spend your money on this? And it was calling out all these really...
• 10:18
  sorry to say it, but kind of basic purchases like the love bracelet, like the Birkin, like that suitcase. And all of a sudden I thought, shit, maybe I don't want to invest in the same thing that every single person has. And this is exactly why the price has been driven up and why it's become such an investment is because it is this idea of what wealth means. And most people who at
• 10:38
  actually have money and who are actually wealthy and not buying stuff like this because they don't need to show off that they have wealth. But it's so hard for me to say because I was at a dinner two nights ago and a lot of my friends have those bracelets. And I look at them and for ages, I've thought I want one and now I'm really changing my mind. But I don't know. I think just the idea as well of these products and just zooming out a little bit and looking at how aspirational they are and therefore why these brands are able to increase their prices because
• 11:03
  The key thing here when it comes to a Birkin or it comes to a Cartier Love Bracelet is the retail price is being constantly bumped up year on year. And that's why it's increasing in value because it's more expensive year on year to buy the exact same thing. It's not just inflation. It's not just going up a little bit. It's like serious price increases. So it is a different mindset around spending on luxury. You're buying something that technically is more of an investment. Yeah. Yeah.
• 11:31
  But yeah, you're right. You can't be like banging it on the side of your tube and like getting a dent in it and expecting it to still hold its value. And also how many people are buying those bracelets secondhand? Is there a huge secondhand market? I'm sure there is a secondhand market for everything. Obviously, there's a secondhand market for Birkins. But for me, it's currently it's a no. I'd be looking at that thinking that's a huge amount of a deposit for my next home. That's a huge amount of...
• 11:57
  money, you know, on, and I saw something someone said the other day, like some of them, like the wealthiest people, the ones that spend their money on experiences. And actually I was like, oh yeah, do I want to see the world? Well, it's really interesting you bring that up because when I was looking at this, you know, LVMH, for example, Louis Vuitton, Moet Hennessy, like they are down quite a lot still.
• 12:19
  And luxury cruises have gone up by 12%. Private jets and yachts are up 11%. Fine dining's up 7%. So people are just shifting where they think about spending their money in terms of what feels luxurious. There's been a lot of talk globally around a wealth tax. You know, we have a huge inequality problem in the UK, but also across the world, where the financial divide between the wealthiest and the poorest is wild and just getting bigger and bigger.
• 12:45
  And I think that there's been these debates around a wealth tax. So, like, there's this guy called Gary Stevenson, who does a lot on wealth taxes in the UK, Gary's Economics, and he talks about how there should be, like, a flat...
• 12:58
  percentage charge on all assets over 10 million, let's say. And so therefore, maybe that's why luxury minded people, those with like high net worth are looking at like investing in experiences rather than assets, because they know eventually those assets are going to get taxed, maybe. I think it's something to keep an eye on. Because if you look at countries like India, there's been such accelerated expansions into brands like Louboutin, Dior, Cartier. And I think
• 13:28
  it's always been quite safe, but maybe not always. Yeah, and I don't know. I wonder if this whole move away from being materialistic has anything to do with the fact that people are starting to reject the idea of what traditionally people thought of as wealth and successful. It's really changed success most people feel is actually more about the state that you can live in. Do you feel rich in life? And I think it's almost become kind of...
• 13:57
  tacky and sad when you see people that are just like spending on all the stuff that everyone now just knows just doesn't bring you happiness there's like this sort of shift in perspective of what is cool and what is aspirational and maybe that's why now for me if I think about this Cartier love bracer I'm like ah
• 14:14
  I know. Maybe that's not what I want to buy into in terms of what I think 60s looks like. Yeah, it's almost like for me, it used to be that I could walk into the Cartier store and afford it and like have the glass of champagne and like have the experience. Is it the bracelet though that I'm bothered about? Or is it just being just knowing that I have enough money to do that?
• 14:34
  I do love, I love that ring though. Yeah, I know. I'm so sitting here being like, yeah, I've changed my mind. I'm like, I was like, here you go. I'd be like, I've got a new bracelet, everyone. And I love it. But it is a bit like, look at my symbol. I've got money, you know? It's like, do I need it?
• 14:51
  Coming up after the break, there has been another massive scandal when it comes to people trying to buy their degrees, spending over 50,000 US on trying to get university entrance. What does this mean and why is this increasing the great wealth divide? It's quite problematic. But before we dive in, here is a quick word from today's sponsor.
• 15:10
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• 15:54
  So in India, there is an exam, which is a really, really big deal for a huge amount of budding medical professionals. So kids and families spend so much time, money, often go into debt to prepare themselves to basically pass this exam to be able to go into medicine. And there's been one scandal before, which we can quickly touch on. It happened in 2024.
• 16:23
  basically there was 13 people that were arrested, including four of the examinees, who basically had paid around 50,000 USD to get the paper before the exam. So essentially what happened is the whole test was kind of like cancelled and it's happened again this year and it's just, it's come up in the news all over the world. It was spoken about in the FT where the same thing has happened. So the,
• 16:53
  Just to give context for what a big deal this is, over 2 million people are trying to pass this exam. There's a lot of people that have spent and built kind of their whole life in terms of trying to build their way out of poverty by going and studying medicine. So in May this year, the same thing happened where people were trying to buy the results to try and buy their way into medicine. And it's wealthy people in India being able to buy their way out of a situation, people that have no money desperately trying to
• 17:21
  get themselves into a better financial position to educate themselves. The test has been cancelled again. And there's just a huge amount of controversy that's been sparked off the back of this. Yeah. So Modi, so their president has promised to fast track all of this and like obviously try and stop the effect of almost riots going on behind all of this. The protesters have called for the education minister to step down, which...
• 17:47
  I don't know. Maybe that's what happens when you get to the top is that if things like this do happen, someone needs to be answerable. And that's why they get paid so well to do this. But yeah, he hasn't. And Modi has said like he won't. We're going to leave everything as it is. The great wealth divide is getting worse and worse. Wealth inequality is getting worse and it is becoming really...
• 18:06
  It's dangerous, I think, because would you want... How much trust would you have in the system if you thought that someone could buy their way in? I don't really want a doctor that's bought their way in. I want a doctor that... Oh my god, you're so right. I didn't even think about the fact that it's... Oh, exactly. It's doctors as well. Yeah, they're going to eventually become medical professionals. And I wouldn't want a medical professional that's been able to buy their way in. I want them to know their stuff. And...
• 18:29
  Yeah, I think that is probably the biggest worry that I have. And obviously, India, there's already huge inequalities. And I think this is just going to make it even worse. Abby, you speak a lot about investing in emerging markets. India is one of those emerging markets. It is. And I think it's really worth also just painting the picture here. Like, when you've grown up in a world where the US is, you know, the economic shrine, and then, you know, you have other economies like China that are really strong,
• 18:57
  It's really hard to imagine a world where the scales were completely shifted, but that is the reality of the economy. It ebbs and flows. There's some people that have a lot of money and some people that don't. But the economic goal for India is to become a $30 trillion economy within two decades. The vision for them really is to focus on the youth, poor women, farmers. They have this kind of approach where they're trying to...
• 19:21
  become a stronger economy. But then you see people are trying to buy their way into education and just how deep that corruption goes. I don't know if you have any thoughts on just that wealth trap and if it's actually possible for them to go from being an emerging market to actually being like leaders in the economy if this stuff's still happening.
• 19:42
  One of the wildest things is that China is still considered an emerging market, which I think is bizarre. It's such a powerhouse now. But yeah, these are emerging markets. And I think things that they need to do is what they've said in their pillars, like looking at women, for instance, like the gender pay gap and the gender inequality gap could bring in so much money to the GDP. Like I'm sure a lot of people have read Invisible Women and they understood how, you know, women...
• 20:06
  can multiply the, like the money that they bring into the economy gets multiplied so much more quickly. And I can't remember the stat, but like such a high percentage of finance now is in the hands of women because of like they handle like the family finances and things like that. And I think...
• 20:22
  I personally think when it comes to India that their keys to success is in the women that they have at their fingertips. Some of the, obviously, unemployment rates that we can mention here, obviously talk about how among graduates, Gen Z males is around 29% unemployment rate. For women, that goes up to 37%. And that's actually really detrimental to their economy. So if they fix that and get those young women and get women in general...
• 20:47
  producing income into the GDP, into the economy of India, it could really skyrocket over a period of time. But they just need to provide like decent education and support their women and young women into careers. One of the things that the story made me think about is just the idea of education as an investment. Yes.