No one wants to have difficult conversations like what you want to happen after you die, but it’s important to make your wishes known to friends and family – and it’s important to make sure that you have a will in place so that you can rest assured that your estate will be divided up as you would like.
New research from Royal London has just revealed, however, that 45 per cent of parents with grown-up children view the contents of their will as no one else’s business but their own or their partner’s.
The main reasons for choosing not to discuss their will were not wanting to think about dying (26 per cent) and trying to avoid upsetting any beneficiaries (27 per cent).
The company has provided some helpful advice as to how to approach the subject of death, including thinking about how you would manage financially if something did happen. Bear in mind that your financial situation could potentially change in the future.
Avoiding talking to people when they’re busy is key as well, so look out for opportunities to start the conversation – such as after the death of someone close to you.
Making advance preparations was also suggested, so make sure you know how to manage daily finances and perhaps consider starting to learn about them now so that if the worst does happen, you’re not hit with any extra shocks.
Royal London representative Mona Patel had this to say: “Talking about dying can be seen as ‘taboo’ and it is not always easy to bring it up. Discussing your will with beneficiaries means they are better prepared when the time comes. It is also hugely important for family members to be aware of vital decisions in your will, such as who will look after your children.”
If making a will has been on your mind recently, it can be hard to know where to start so don’t be afraid to seek out professional help in this regard.
Previous Royal London research shows that there are 5.4 million UK adults without a will in place who wouldn’t know where to begin if they were to sit down and start to put together this kind of document.
And there are 59 parents out there who don’t have a will or if they do, it’s out of date. It’s particularly important for parents to draft up these documents and keep them updated so that if something does happen, they know their children will be properly taken care of by someone they know and trust.
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