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The latest National Savings and Investment Lifestyle Savings Survey reveals that 36% of the population whose parents are still alive, do not know if their parents have a Will, or, how they intend to distribute their estate.
The excuses for this apparent lack of communication from within the family are much the same as those given for not having a Will in the first place; it is not a priority, talk about it in the future and do not want to think about parents passing away are repetitive favourites.
The survey revealed a significant number of parents unwilling to discuss their Wills with their children with a further group claiming they found the subject too embarrassing to discuss.
The British are characteristically secretive about their financial affairs.  However, as far as the family is concerned, this approach may lead to difficulties and misunderstandings.
The recent BBC2 series, ‘Can’t Take It With You’, presented by Sir Gerry Robinson focused on the importance of involving the family during preparing a Will. The statistics from the NS&I survey support him.  Sir Gerry observed that ‘in reality, there is never a good time to bring tricky subject matters like inheritance into the conversation, and the longer these discussions are avoided, the more likely it is that unforeseen problems may arise’.
There is a great deal of sense in discussing your Will with your family.  Hay Tarn would like to know if you agree.  Would you like to leave a comment?