When a loved one passes away-this can be a difficult time for friends and family, however the matter is aggravated when left with a financial mess. This is an additional stress to many UK families, with about a third of relatives having a hard time locating assets of loved ones who have recently passed away.
A national survey showed that 31% of people who lost a loved one in the last decade had problems in locating assets of the departed. On many occasions the assets were important, with those surveyed believing they were missing about £9,700 on average. Also another 12% felt they were missing £20,000 or greater.
Seeing as these are huge amounts of money they should, technically, be easy to find, but is often the opposite. Around 39% surveyed, who had lost a relative in the past 10 year spent, on average, £2,250 for solicitors and adviser fee payments – a large amount when the assets can’t be found.
The importance of making a will
The main cause of having difficulties in locating assets is the lack of a will, or one that is up-to-date. At the moment only 49% of those surveyed have a will, but this increased to 79% for those aged 65 or greater. On the other hand, of the 65s and over respondents, 37% have updated their will in the past two years, hence potentially placing their families in financial difficulties upon death. The importance of better planning is clear since more than 175,000 people struggle to organise a relatives finances.
What to do
To save relatives and friends from distress and money, then it is vital to have a current will. It’s also important to know where all your assets can be found and their values before starting on the will. For example a savings account that could have been forgotten about, so a little research will make sure you haven’t missed anything.
After you’ve accounted for all your assets, then it is time to make the will. There are several options when choosing who to write your will and all have their own positives and negatives from legal firms to online services. Although the best this to do, whoever you choose, is to ensure they are a member of the Institute of Professional Willwriters or the Society of Willwriters.
Life insurance is an ideal solution, to help your family with funeral expenses when you’re gone, or if you have a mortgage. Again there are many options, from decreasing term insurance to whole life cover, therefore choose a policy that you can afford. Read about different types of life cover in our insurance guides so that you have an idea about what you need and then start looking around for quotes. We also offer a comparison tool where you can receive a no-obligation quote today.
So, once you find the cover that matches your requirements, update your will, you can relax and know that your loved ones will be financially sound upon your death.
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