Only one in four expats have organised their financial affairs enough for their loved ones to easily take them over when they die.
A new study from financial firm Royal London revealed the glaring problem – and highlighted that 10% of us believe out finances are too complicated for someone else to step in and take over.
And even though one in three of us has managed the affairs of someone who has died, we still do not take the necessary steps to make the handover easier for our families and friends.
Only two-thirds of people who have acted as an executor of a dead person’s estate have their own comprehensive financial folder, which rises to 45% of those who have never had to take on the job.
Health and money worries
The survey also examined other concerns about later life.
The over 55s confessed they worried about their health three times more than the under 55s, but the over 55s were less worried about money than the younger generations.
Nearly half (46%) of 18 to 34-year-olds stressed over money, but only one in four admitted they would take some action to save or earn more in the coming 12 months.
The survey also disclosed that when a loved one dies most families rely on savings (33%), followed by pensions (26%) and cash from the sale of a property (21%).
‘When I’m gone’ list
One in seven (14%) adults under 55 did not know what assets or income their family would live off if they were to die.
Royal London’s consumer spokesperson, Mona Patel, said: “While it’s unsurprising that money and health are the nation’s top priorities, it is worrying that only a quarter of people have their financial information organised well enough to let someone else deal with it.
“It’s not nice to have to think about dying, but the last thing you’d want is for your family to struggle to locate and deal with your finances. Perhaps a first step could be writing a ‘when I’m gone’ list to make it easier for loved ones to deal with your finances.”
She also suggests starting a folder with information about pensions, investments, savings and bank accounts.