More than half of parents (57%) have not spoken to their adult children about their will, a new study by Scottish Widows has indicated.

The research also found that that 24% of adults haven’t discussed making a will with their partner or spouse, while more than three in 10 adults (31%) were unsure if they understood the long-term benefits of putting their assets into a trust or finalising a will.

Scottish Widows surveyed 2,000 UK adults in September about their attitudes towards long-term planning and found that many people haven’t yet had those important conversations about finances with their loved ones.

The insurer has urged people to put plans in place for the future and warned they could face leaving their loved ones with thousands of pounds worth of costs and inheritance tax.
 
When it comes to discussing wills and trusts with adult children or dependents, over two-thirds (69%) of parents said they feel responsible for the financial wellbeing of their children if they were to pass away.
 
Despite this, and on top of 57% admitting they haven’t talked to their children about long-term finances, 9% parents also said they weren’t sure how to approach the topic.
 
The research also revealed that one in two (49%) adults would admit that talking about long-term finances with family members, especially in the event of death, is difficult.

“While our research found that two-thirds of adults (69%) understand the long-term benefits of finalising trusts and wills, it still leaves many who don’t,” said protection director at Scottish Widows, Rose St Louis, said.

“We know people might put off talking about creating wills or trusts, possibly because it doesn’t seem a priority or they find it a difficult situation to think about.

“Broaching these tricky topics with clients when appropriate is key to ensuring people’s wishes will be met, giving them peace of mind. The good news is over half of those (57%) we spoke to believe it’s important to seek financial advice when it comes to long-term financial planning, further highlighting the huge role advisers have in helping people plan for the future.”

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