Something we always recommend to our clients is to make a will.
Having a valid will in place makes so much sense, as it ensures that your wishes are carried out when you die.
Despite the simplicity and importance of making a will, many people continue to die without one in place.
This is known as dying intestate.
It results in the value of their estate being distributed according to a default set of rules, rather than being dealt with according to their wishes.
According to Citizens Advice, the number of people who have died intestate has more than doubled during the past five years.
The number of intestacy problems dealt with by the charity has risen from 1,522 in 2011 to 3,747 in 2015.
Other data from product provider SunLife shows that 115,000 people die without a will each year.
This can create big problems for those family members left behind, with 27% of relatives administering an estate without a will facing difficulties, according to SunLife.
Graham Jones, director at SunLife, says:
“Death is such a taboo subject.”
“People do not like talking about it, and as a result, they are not planning for it.
“Without a will, you have no say in how your assets are shared, so it is really important you do so.”
He went on to explain that SunLife’s own research found that 23% of people do not make a will before they die and 41% of their customers do not make any financial provisions ahead of their death.
This can cause problems for one in six of the families who have to pick up the bill associated with funeral expenses and administering an estate.
Even something as important as funeral wishes is often left unrecorded, with 90% of families not knowing the funeral wishes of the deceased.
SunLife found that a third of their customers did not even known the person wanted a burial or to be cremated.
Here at Informed Choice, we understand that planning for death can be emotionally challenging.
As part of the Financial Planning process, we can help to facilitate a discussion about end of life planning and make sure you have everything in place so your family know your wishes.
Writing a will is important, but it is only one part of the planning each of us needs to carry out to make sure that our families do not face additional and unnecessary challenges when we pass away.
[tweet_box]The number of people who have died intestate has more than doubled during the past five years[/tweet_box]
