Over half of British adults haven’t spoken to anyone about what should happen with their estate after they die, according to a new report released this week.
According to new figures released by The National Will Register in their National Wills Report, 53% of adults have not discussed what should happen to their estate upon their death.
The National Wills Report is a snapshot of the UK’s attitudes to will-writing, probate, and estate planning with a survey of 2,008 adults nationwide participating.
The National Will Register creates the report annually to highlight important trends and areas for both members of the public to consider when it comes to their estate or the estates of their loved ones, and for the private client industry to understand the challenges in encouraging will-writing and in navigating the probate process.
Most are happy to have the conversation
While over half of adults have remained quiet about what should happen after they die, 71% of respondents said that they were comfortable to have that conversation with their loved ones.
However, over a quarter of those reported to us that those who that would be part of that conversation, such as their spouse, partner, children, other family members, are not prepared to have that discussion or are reluctant to talk about it.
Around 15% do not believe they need to (or are reluctant to) discuss what happens to their estate after they die.
In total, just over half of UK adults have a will, at 53%.
The importance of talking to each other about death
Worryingly, less than a quarter of respondents who have children have spoken with their children about their estate (24.5%). However, two in five have been told where to find their parents’ wills which seems to be a separate conversation. This also highlights a gap between knowing where to find a will and the contents within the will.
In either case, however, the numbers of those talking to their children about what should happen after they die are low, even among those who are divorced or widowed with a small jump to 37%.
Combine that with some other findings, including that a quarter of wills are held with a third party that is not the original solicitor who wrote the will, there is considerable uncertainty that these conversations would remove – making life easier for loved ones and all involved.
To read The National Wills Report, click here.