Families in Wales appear to be shying away from difficult conversations with 51% saying they have never discussed inheritance matters.
According to new research, conducted by Brewin Dolphin, one in seven (15%) of people in Wales say they haven’t discussed the subject with loved ones because they’re not old enough to make it a priority.
However, age isn’t the only factor preventing people in Wales from talking about inheritance, as a further one in seven (15%) say they don’t like talking about death and more than one in 10 (11%) say they avoid it because it’s a morbid subject.
While more than a third (38%) of people in Wales say they don’t feel comfortable talking about their legacy with anyone, there are some life events that may prompt people to talk to loved ones about this important subject, such as a health scare (47%), a
There are also some people who hold the key to unlocking inheritance conversations. After their partner or spouse (34%), people in Wales feel most comfortable talking to a financial adviser (10%) or their mum (5%) in the first instance.
Of those who have broached the subject, some people in Wales (30%) have talked about passing on wealth when they die, a quarter (24%) have discussed will writing and one in five (19%) have discussed passing on personal items such as jewellery and photos.
Adrian Watson, regional manager of financial planning at Brewin Dolphin in Wales & South West England, said: “Talking about estate planning is an extremely emotional subject as people generally don’t like talking about money or death.
“However, our research shows that around one in 14 people in Wales would like to talk about it but haven’t found the right time and some people just don’t know where to start.”
“Transferring wealth while you’re alive can have a transformative effect on both yours and your family’s life. While we’re seeing an increase in people talking to us about estate planning, we want to encourage families to sit down together and talk about their wishes.
“The conversation doesn’t have to centre on money or be upsetting; it can be nice to talk to older family members about heirlooms they want to pass on. We want to help people start these conversations so they don’t leave it too late.”
Brewin Dolphin is a UK FTSE 250 leading provider of discretionary wealth management.
With £39.2 billion in funds under management, it offers award-winning personalised wealth management services that meet the varied needs of over 80,000 account holders, including individuals, charities and pension funds.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement