Nobody likes to think about dying and what will happen to friends and family once they’re no longer around – but it’s something that absolutely must be done, especially if you do have dependents whose lives would be dramatically changed if you suddenly weren’t around.
That’s why making a will is so very vital, so that you know your family will be properly taken care of and your wishes adhered to after you’ve passed.
New research from Royal London has revealed that there are 5.4 million adults here in the UK without a will in place who wouldn’t even know where to start if they were to sit down and start writing one.
Some 59 per cent of parents out there either don’t have a will in place or the one that they do have is out of date – and it’s particularly important for parents to ensure these documents are drafted and kept up to date so that if the worst does happen, they’ll know that their kids will be brought up by someone they know and trust… and who they’ve chosen to assume this role.
Royal London spokeswoman Mona Patel said: “It is incredibly important to have a will, not just to protect your finances but to make sure vital decisions, such as who will look after your children, are noted.
“Once you have a will, you should update it after any significant life events that could affect your financial situation, such as getting married, divorced or starting a family. Taking these important steps allows you to have peace of mind knowing that when you’re gone your wishes will be met.”
Writing your will may also make your mind turn to other life planning necessities, such as deciding what you want your funeral to be like. These days, costs can quickly spiral for those left behind if you haven’t made arrangements to cover your own ceremony, so it might be worth looking into now.
Funeral cost expert with Royal London Louise Eaton-Terry recently commented on the Competition and Market’s Authority’s (CMA’s) findings that people typically spend between £3,00 and £5,000 organising a funeral, saying that a full market investigation is a welcome step.
She went on to add that Royal London’s own research shows that families are now finding themselves in debt because they want to give their loved ones a good funeral. As such, it’s only right that what is driving funeral cost inflation is put under the microscope and the CMA should move quickly in this regard.
The Royal London National Funeral Cost Index 2018 found that a basic funeral will set you back £3,575 on average – a six per cent hike in the last five years.
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