11 Jun 2019 How rich are your parents? Do you know how much they REALLY own and what have they earned and saved throughout their working life? It’s a topic of contention that’s rarely discussed between families, but now may be the time to get the conversation going, as over 30 million Brits do not have a will and one trillion is set to pass from generation to generation in the next decade. Nationally representative research by will-writing service Farewill has found that 29% of parents want to talk to their children, and 31% of Brits want to speak to their parents about death, but have avoided the topic as to not cause upset. This is despite the fact that 24% of next of kin mismanage a loved one’s estate upon their passing, due to lack of clarity.
Key national research statistics:
42% of Brits do not know the full value of their parents’ estate, so are not confident that they will be able to manage their estate once they die
24% of Brits did not manage the estate of a loved one according to their wishes because they did not discuss it before their death
31% of the UK population want to talk to their parents about death and the management of their estate, but haven’t broached the subject because they think it will upset them
29% of Brits state that they want to talk to their children about their death and estate, but haven’t broached the subject because they think it will upset them
50% of the UK population believe that death is the hardest topic to discuss with family, more so than money, divorce or family disputes
34% of Brits say the topic of their estate and the process after their death is only mentioned in jest with my family and friends
38% of the UK state that managing a parents’ estate after their passing is the biggest responsibility in life
30% of the population have never discussed death with their parents/family
However, despite the emotive premise behind why it’s important to acknowledge the topic of death, what this ultimately boils down to is lost assets – £15 billion lies in dormant financial legacies across the nation, with a further £40 million passed to the crown from 2015. As a significant percentage of this figure belongs to deceased individuals, it is vital that families start discussing death and what they want to happen with their estate upon their passing; BEFORE their passing.
Farewill – Trustpilot’s no.1 will writing service asks the nation to discuss the one event in our lifetime that will bear the most significant financial impact. Powered by national research that deconstructs how the nation perceives the topic and its impact on our loved ones, this timely piece highlights the importance of normalising death and the financial implications when the deceased does not possess a will.
Dan Garrett, CEO and co-founder of Farewill is of the opinion:
‘A staggering £1 trillion expected to pass between generations over the next decade. Yet for so many the topic of our deaths and what we want upon our passing is one of the, if not the most neglected conversation. This research shines a light on how important it is to de-stigmatise the topic of death and normalise the discussion around the family table.’
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