'Never to early' to discuss wills
Britons are putting off talking to their parents about what will happen to their money when they die, with a third not knowing if they even have a will, a survey has suggested.
Only 7% of people have spoken to their parents about how they plan to distribute their estate, with 31% admitting they have no idea what they plan to do with their money, according to National Savings and Investments (NS&I).
Around 36% of adults whose parents are still alive said they did not know if they had written a will or how they wanted their money to be divided up, and among those who thought their parents had written one, only 27% knew where it was kept.
A further 46% of people admitted they had no idea where their parents kept important documents, while only a third knew where their bank account details were, and just 21% knew where the deeds to their parents' house were kept.
When asked why they had not talked to their parents about what would happen to their estate when they died, 12% of people said it was not a priority for them, and 6% said they were putting off having the conversation.
But 9% of people said their parents did not like discussing the subject, while 11% said they did not like to think about their parents dying, and 6% admitted they were too embarrassed to raise the topic.
However, 49% of people whose parents had died said it was important to have these conversations early, as it allowed time for financial matters to be discussed calmly, rather than at a time of stress.
Tim Mack, spokesman for NS&I, said: "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."
TNS questioned 2,664 people between January 27 and February 3.