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Reluctance to discuss death stops people seeking advice

Will-deed-IHT-estate planning-700x450At least 94 per cent of people have not discussed estate planning with a financial planner, new research shows.

A survey of more than 2,000 people by a website that links its users to financial advisers through directory Unbiased, found 30 per cent of people are uncomfortable seeking financial advice to talk about death.

It found half of people aged over 55 do not have a valid will. This rises to three quarters of those aged 45 to 54.

More than half (57 per cent) of people over-55 have also not had final financial conversations with family members outlining bank accounts, insurance, investments and personal possessions. 

Financial planner and founder of website Wishlockr Iain Nicholson says a reticence to talk about death is contributing to a huge shortfall of older people seeking financial advice.

Death benefits: Discretion or direction?

Nicholson says: “Grieving is hard enough without the drawn-out process of locating all assets and liabilities; there has to be a better way make it a bit easier for people to deal with the sensitive area of estate planning.”

Founder of advice firm Ascot Lloyd Richard Dunbabin says: “If potential IFA clients are avoiding working with an adviser because of these sensitivities, that’s a shame because of the valuable advice and guidance they’ll miss out on as a result.”



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There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 18th July 2018 at 1:08 pm

    It’s always been the same with LTC planning, on which Aviva made a commendable attempt some years ago with the launch of their range of (now canned) LTC insurance plans. Most of the applications they received were from the relatives of elderly folk who were highly likely to claim within the first 12 months of any new policy (TTP really). People just don’t want to think about it.

    Well, so be it. You can lead a horse to water……

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