Nearly four in five UK adults are worried about how their loved ones will cope after they die, yet fewer than half have a valid will in place – highlighting the need for families to take action to protect their wishes and reduce uncertainty, according to The Estate Registry – a leading UK provider of end-of-life and later-life admin products.
Research carried out by the Zurich Insurance Group found that just 48% of UK adults have a valid will, despite 79% admitting to concerns about how their loved ones will cope with financial decisions after their death.
The findings also highlight the potential for bereavement to create or intensify family tensions. One in five people said they had experienced strained family relationships following the death of a loved one, while one in 10 said the fallout was so serious that they never spoke to the family member again.
For The Estate Registry, the figures underline the importance of having clear, up-to-date estate planning arrangements in place.
Howard Enders, Chief Operating Officer at The Estate Registry, said: “Nobody likes to think about what will happen after they die, but avoiding the conversation can leave loved ones facing difficult decisions at an already incredibly emotional time.
“Making a will is one of the simplest and most important steps people can take to make their wishes clear. Just as importantly, a will should be reviewed when circumstances change, whether that is following a marriage, divorce, birth of a child, a bereavement or a significant change in financial circumstances.
“Clear estate planning can help families understand what their loved one’s wishes were and can reduce the uncertainty that can otherwise lead to disagreements at a time when emotions are already running high.”
Zurich’s research found that 39 per cent of people find it difficult to talk to loved ones about their final wishes, while only half have discussed how they want their assets divided.
The experience of dealing with an estate where no will exists appears to be a powerful catalyst for action. Among those who have experienced a painful probate process because a relative died intestate, 68 per cent now have a valid will themselves, compared with 48 per cent of the wider population.
The Estate Registry is urging people not to wait until they experience a difficult winding up of an estate themselves before putting their affairs in order.
Having a will is particularly important because circumstances, relationships and assets can change over time. A will that accurately reflected someone’s wishes several years ago may no longer provide the protection or clarity they need today.
TER is also encouraging people who already have a will to check that it remains up to date and reflects their current circumstances and intentions.
While financial assets are an important part of estate planning, the Zurich research also highlights the emotional significance of the possessions, traditions and memories people leave behind.
Enders continues: “Estate planning is about much more than money. It is about making things easier for the people we leave behind and giving them clarity at a time when they may be struggling with grief.
“A will provides an opportunity to set out your wishes clearly, but it is equally important to make sure it remains current. Taking a little time now to review your arrangements could prevent significant uncertainty and potential conflict for your family in the future.”
