Yahoo Finance Do you know the value of your parents' estate?
With 30 million people in the UK currently without a will, Brits may be unprepared to deal with the financial implications of a loved one's death.
In a survey of 2,000 people by will-writing service Farewill, two in five (42%) Brits said do not know the value of their parents’ estate, so are not confident they can manage it once they die.
A quarter (24%) of Brits admitted they already worry they have mismanaged the estate of a loved one because they did not discuss it before their death.
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What's more, 30% of Brits said they have never discussed death with their family, despite an estimated £1tn expected to pass between generations in the next decade.
Slightly more – 36% – said they have never discussed the arrangements they would want for their funeral because it’s “too emotional” a topic to broach.
Half of Brits said death is the hardest topic to discuss with family – more so than money, divorce or family disputes.
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Farewill has launched a national campaign calling the nation to discuss the “one event in our lifetime that will bear the most significant financial impact.”
Dan Garrett, CEO of Farewill, said: “Dying is the primary event in our lifetime to incur the most significant financial consequence, with £1tn expected to pass between generations over the next decade. Yet for so many the topic of our deaths and what we want upon our passing is one of the, if not the, most neglected conversation.”
It's important to de-stigmatise the topic of death and “normalise the discussion around the family table,” he added.
