New research from National Savings and Investments (NS&I) shows that 36% of the population are unaware about whether their parents have a will or how they plan to distribute their estate.
The research found that Britons lacked basic knowledge about later life planning and inheritance, with more than two-fifths (46%) admitting they don’t know where any of their parents’ important documents are kept.
The HM Treasury-backed savings provider also found that a quarter (25%) of the people surveyed said they would be relying on an inheritance to help in the future, with only 7% having spoken to their parents about the subject.
No idea on wills and inheritance
Respondents’ lack of knowledge was put down to not wanting to think about their parents passing away (11%) and it simply not being a priority from them (12%). Nearly one in ten people (9%) said their parents were not keen on discussing the issue with them.
NS&I spokesperson Tim Mack commented: ‘Later life financial planning is an important issue which affects everyone. It might be a sensitive subject, but every member of a family should try and encourage the others to sit down together and talk about this openly.
‘This is a chance for parents to have honest conversations with their children about the importance of planning ahead, and provides an opportunity for parents to share advice from their own experiences on this matter’.
Which? wills and inheritance advice
Read our guide to writing a will to find how they work, and for tips on what you need to consider before making yours. You can also find out how to avoid inheritance tax, along with details on what you can give away tax-free in our comprehensive guide to inheritance tax.
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