More than a third of Brits do not know about their parents’ Wills

Posted 09/03/2011

Large numbers of people in the UK are unaware of the stipulations that their parents have made in their Wills, with many too embarrassed to ask.

A study by National Savings & Investments (NS&I) suggested that 36 per cent of people are unaware of their parents’ wealth management plans.

Even more respondents were not sure where their parents keep important financial documentation and only seven per cent have admitted to speaking to their mum and dad about their Wills.

Around six per cent claimed they were too embarrassed to enquire about inheritance, despite 25 per cent of British people admitting that they would rely on the money in the future.

NS&I spokesperson Tim Mack believes that although Wills and wealth management can be a touchy subject, it is essential to talk about both.

“Later life financial planning is an important issue which affects everyone,” he remarked.

This advice comes after Unbiased.co.uk announced that 30 million people in the UK do not have a Will in place.