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Have You Spoken About Your Will?

February 7th, 2019

For many people, planning their financial affairs and preparing a Will isn’t something they talk openly with their families about, but new research suggests that it would be beneficial to have conversations with our loved ones about who we’re leaving what to.

A survey by Octopus Investments found that nearly half (48 per cent) of potential beneficiaries from Wills have no idea what they stand to inherit, while 41 per cent revealed that they haven’t had any conversations with their parents about their Will, What Investment reported.

What’s more, many of those who are set to benefit in their parents’ Will wouldn’t know the process to follow if their parents passed away, with 36 per cent of those questioned stating that they don’t know who the executors of their parents’ Will are.

And it isn’t only the younger generation who are unprepared. 42 per cent of retirees revealed that they haven’t documented their passwords for their children or beneficiaries, which could make it difficult for them to access some assets.

This lack of preparation can mean that the process of dealing with probate when someone dies is more stressful than it needs to be.

Ben Charrington, head of estates and probate at Octopus Investments, commented: “We would recommend that people seek financial advice, keep records of their assets and be transparent with their next of kin as soon as they can.”

If you don’t already have a Will, this could be the prompt you need to see Will solicitors and get your affairs in order.

Our Wills, Probate and Life Planning Department are offering a free half-hour consultation to anyone who wants to discuss this or other aspects of estate planning throughout the first quarter of 2019, so contact us to book a consultation if you’re interested.

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