Have you left instructions on what happens to your estate?
If you don’t like to think about what will happen when you’re gone, you’re definitely not alone, with a recent study finding that more than four in ten adults are putting off the difficult discussion of what will happen to their estate once they pass away.
Whilst always a tough conversion, it’s a psychological and crucial hurdle to overcome in order for your loved ones to get the best out of their inheritance.
Whilst there can be many reasons for this reluctance, for some not thinking about this is a result of the subject being too morbid and others simply aren’t concerned what happens after death and believe it’ll all work out. However, there are common misconceptions about inheritance that require planning and discussion to ensure your wishes are met.
This was highlighted by a recent study from the Women and Equalities Committee which showed that 46% of people in England and Wales believe that if you are not married but you do live with your partner, everything will go to them when you pass away. Unfortunately, this is one of those widely believed misconceptions and is not the case, it instead goes to your closest living blood relatives – which is where all those tired movie plots come from.
How many people have a will?
Did you know that less than half of adults in the UK have made a will (44% to be exact), with men being more likely to have a plan in place than women (50 per cent of males, compared with 39 per cent of females).
It’s unsurprising that men were also more willing to discuss what happens to their estate, with 62% of males raising the conversation with their loved ones, compared to just 55% of women.
It may feel like something you don’t need to worry about yet and be low down on your priority list (two-fifths of those who haven’t yet made a will said they just hadn’t got around to making one yet.). However, in terms of estate planning it is much better to be safe than sorry, as unfortunately we never know when it might be needed.
The National Will Register also found that many assume they don’t need a will. Nearly one in three people feel they don’t have enough assets to warrant making one, and one in ten people felt their estate was too simple, with the same number saying they wouldn’t even know how to actually go about making a will.
All the above research suggests that more education surrounding estate planning is required, as without it, costly mistakes could be made that won’t reflect your actual wishes.
We would recommend that if you are yet to put a plan in place, you shouldn’t delay so that you can be confident that your wishes will be carried out and your loved ones be well cared for, should anything ever happen.
Our wealth experts can help you through the process from start to finish, so please don’t hesitate to get in touch to discuss your inheritance.
