Talking about what financial plans when someone dies is a taboo subject for millions, according to new research.
Rather than make a will or discuss their final wishes, two thirds of people have yet to make a will.
The study, by NS&I, the government agency that runs Premium Bonds, found that of those who have made no plans for when they die, half have looked at long-term care for relatives.
While 46% of adults have yet to discuss their final wishes with loved ones, a third of them say they have no intention of having a conversation about their death with anyone.
Researchers also asked those who do not have a will why they had not considered writing down their wishes, 41% said they were too young to think about one.
Potential stress
Two thirds agreed consulting a solicitor is the best way to write a will, but many were put off because they did not want to take time off to deal with estate planning or found the cost too expensive.
Jill Waters, NS&I’s Retail Director, said: “Our research highlights that millions in the UK are putting off making a will or are yet to think about making one, which is concerning given the potential stress for family or loved ones when someone passes away.
“We’d always suggest to people to do their research when it comes to making a will and always look at what will suit you best. There are plenty of options in the market, but we would always recommend speaking to a trusted adviser, if appropriate, to help you come to the best possible decision, and make sure life is made a little bit easier for those closest to you at a difficult time.”
Dying without a will
The report also stressed the importance of writing a will by pointing out that law would decide who inherits if someone dies without a will.
“The only certain way to ensure that your spouse, partner or relatives inherit in accordance with your wishes is by making a will,” said Emily Deane, of the Society of Trust and Estate Practitioners (STEP).
“Many people assume their possessions will simply pass automatically to their spouse or children, or they believe their assets are too insignificant to need a formal arrangement. But if you die without having made a will, the intestacy rules will be applied, which may be undesirable.”
