Families failing to discuss inheritance plans

Two out of five married couples are keeping their families in the dark when it comes to their plans for passing on wealth, new research suggests. Financial mutual Wesleyan warned that it could lead to IHT issues due to ineffective planning. It said couples were storing up family problems by burying their heads in the sand rather than being open about their inheritance plans. Its survey suggested two fifths of couples have not talked to their kids or other family members about inheritance arrangements. One in 10 are actively planning to let their children sort out the inheritance arrangements themselves once they pass away. Almost a third said they did not think their families needed to be involved, while a fifth said they had not discussed their will arrangements because it was not a comfortable conversation to have. A quarter of all couples have not agreed who should inherit their estate or how it’ll be split when they die. Three fifths said they had not discussed what would happen if one of them got ill and needed additional care in retirement that would cost money, such as a care home or home support. Linda Wallace, director at Wesleyan, said: “There’s no doubt that talking with children and family about what will happen after death can be uncomfortable and upsetting. “However, it’s also true that communicating openly with loved ones about the important issue can lead to better outcomes for everyone involved, both financially and emotionally.” • Research based on a survey of 2,000 married UK adults, conducted between 16 and 24 October by OnePoll on behalf of Wesleyan.

Families failing to discuss inheritance plans

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