British couples risk problems in later life by failing to discuss their estates and Wills while keeping personal finance secrets, new research has revealed.
A study by Prudential found that 22% of couples said they have never discussed estate planning together while 12% of women and 11% of men said they know nothing about probate plans and were not interested.
In addition, 32% of people over the age of 40 but not yet retired do not know the details of their partner’s retirement savings or plans.
"It is incredible that so many people do not know the details of their partner's retirement savings,” commented Prudential spokesperson Amy Brown.
“Firstly, couples should strive to have open conversations with one another but they also should aim to be constructive and use these conversations to begin laying the foundations for their retirement and estate planning.
“The longer planning goes unresolved the harder it is for couples later in life."
According to Prudential and leading solicitors, couples should regularly discuss retirement and inheritance plans and the subject of Wills before it’s too late, seeking expert advice where necessary.
If you’re planning to draft a Will or have any questions, approach our fully-qualified solicitors today and make sure loved ones are taken care of if the worst should happen.