British adults can be secretive about their finances and many don’t even share important pieces of information with close family members, which can be problematic when someone passes away.
According to a new study by Direct Line Insurance, 27% of Brits have no idea where their partner’s money is banked or invested. In fact, ten million people would have no idea how to locate or access their partner’s accounts were they to be incapacitated or pass away.
This is not just a problem amongst new couples. Around 17% of people who have been married or in a relationship for ten years or more wouldn’t know how to locate their partner’s assets in the event of their death.
“Establishing a foundation of trust in a relationship can be difficult; especially when it comes to finances,” commented Jane Morgan, Business Manager at Direct Line Life Insurance. “As awkward as it may be, it’s important to keep the lines of communication open when it comes to money matters. Whether intentionally or unintentionally, concealing details of your finances from your other half or a close family member can delay probate at a significant cost to those nearest to the deceased.”
“When it comes to sorting out someone’s estate, it’s not only partners’ assets that people struggle to access in the event of a death,” she added. “Locating assets of children, parents or grandparents can also be extremely challenging and can cause serious issues when it comes to probate. Only 38% of Brits would know where to find details of their parents’ banking and investments and just 24% for their children aged over 18.”
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