This is a great piece which really illustrates the difficulties that arise for practitioners when the deceased has not had the conversation with their loved ones about their assets, perhaps not prepared a will, meaning that their family are left trying to piece it all together whilst also coping with grief. It is not a situation people want for their loved ones, but as this article shows, very few people share details of bank accounts with their children, in preparation for the inevitable.
Death is of course on of life's certainties, but it remains a very awkward subject for some, and this can lead to disputes post death in connection with the estate. Taking professional advice, preparing a will and giving loved ones full details of assets can save the financial and emotional cost of dealing with disputes after you have gone.
This is particularly so if there are fractured relationships within the family, and likely to be squabbles over who deals with the estate, or even potential claims.
If you need professional advice on estate planning, wills, or disputes, contact :
It’s time for the UK to overcome the tricky topic of finances after a death No professional can survive in a bubble, but it can be all too easy to miss wider changes in our sector – especially given recent pandemic disruption. One of the aims behind our recent ‘Wills and financial planning – it’s time to talk’ whitepaper, based on a survey of over 2,000 GB adults, was to help provide probate professionals with a detailed snapshot of attitudes to wills, financial planning and probate in the UK. One of the trends we uncovered was a startling lack of conversation around financial matters that need to be known in the event of a death. But will this reticence to tackle the tricky topics bring problems to the sector?