Gumersalls News

Gumersalls News

Why You Should Talk About Your Will

by | Feb 7, 2019 | News, Wills | 0 comments

Estate planning, and preparing a Will, is an important thing to do as you get older. It will make it easier for those you leave behind to manage your affairs.

But new research has found that many people are avoiding talking about their Wills, as well as any potential inheritance tax liability, with their families.

What Investment shared the findings of a survey by Octopus Investments, which revealed that the average person waits until they are 74 years old before they discuss their Will with their family. When asked why, 45 per cent admitted they just hadn’t got round to it.

However, 19 per cent said that they have been avoiding it because they don’t like talking about death.

The survey also found that many beneficiaries are in the dark when it comes to how much they could receive from older relatives. They’re also unprepared in other ways, in that 36 per cent don’t know who the executors of their parents’ Will are, while 22 per cent didn’t even know if their parents had a financial advisor.

Head of estates and probate at Octopus Investments Ben Charrington told the news provider that it’s essential to not only put plans in place, but also to talk about them with family to make sure they are followed through.

“While increasing numbers of people are liable for inheritance tax due to property price rises, this isn’t just an issue for the rich,” he stated. “It’s about the open discussions needed no matter the level of wealth.”

It seems that having open and honest discussions about your estate planning could be beneficial for many people in the UK, after the West Sussex County Times shared research suggesting that two-thirds of people over 60 are worried about how a breakdown in their child’s marriage could affect what happens to their inheritance.

If this is something you’re worried about, make sure all your affairs are in order by talking to a Wills solicitor in Surrey.