National Dying Matters Awareness Week runs from 8 to 14 May this year. And while talking about death isn’t easy, communication is key at difficult times and once you start, you might find that opening up isn’t as hard as you think.
The illness or death of a loved one can cause challenges at home and work and no one should have to hide these difficulties – whether from friends, colleagues, peers, or bosses – when a simple conversation can make such a huge difference.
The death of a loved one is a very stressful time but inheritance planning can help. Taking the time to think about your wishes, and effectively communicating these wishes to affected parties, can give you peace of mind and help you reassert a sense of control.
Bereavement stress only multiplies when there is no will in place so why not use this National Dying Matters Awareness Week to check in with yours?
And be sure to encourage family, friends, and colleagues to do the same.
This year’s theme is Dying Matters at work
Whether you’re a business owner or an employee, you’ll be well aware of how much time you and your colleagues spend at work.
Hospice UK, the organisation behind Dying Matters Awareness Week, confirm that 57% of employees will have experienced a bereavement in the last five years. And yet, less than 20% of managers feel “very confident” about supporting an employee through a bereavement.
Hospice UK aims to create an open and compassionate society in which we all confront the realities of dying, death, and grief.
This process can start quite simply, by thinking about your wealth and how you would like it to be distributed after your death, and by putting a will in place.
3 compelling reasons to put a will in place now
1. You can think about your wishes and know that they will be heard
Globe IFA’s ongoing partnership with Penrose Wills provides a hassle-free way to put a will in place, but the process begins with you.
You’ll need to think carefully about your priorities and who you want to pass your wealth to. Talking through these wishes with loved ones is also a good idea, as it could help to prevent complications and disagreements later.
Once you are sure of your wishes, speak to Penrose Wills and put a will in place.
2. You’ll have peace of mind that your wishes will be carried out
As soon as your will is in place, you’ll have peace of mind that your wishes are known and understood.
But the process doesn’t end there.
Remember that life events and milestones – births, deaths, marriages and divorces – can alter your priorities and mean that your will no longer aligns with your wishes.
Be sure to revisit your will regularly to ensure it is still fit for purpose.
3. You’ll reduce the stress for those you leave behind
If you die without a will in place your estate will be distributed according to the laws of intestacy.
While these rules clearly set out who should inherit your wealth, this might not align with your wishes and could cause undue stress for those you leave behind.
You might have intended to leave money to an unmarried partner or stepchildren. Even if these wishes were known and understood among your family, without a will in place, these wishes won’t be followed.
Inheritance will begin with a partner or civil partner, then move on to children and distant relatives. It will be up to these individuals to decide how your money is distributed, which could lead to arguments and undue stress at an already difficult time.
Communication is key to avoiding disputes or anxiety
The continuing fallout from the pandemic and the cost of living crisis has caused a rise in will disputes. This highlights the need to speak to the professionals and put a water-tight document in place.
It also highlights the importance of talking about mortality, illness, and death in an open, honest, and frank way.
What better time to start having these difficult conversations than during National Dying Matters Awareness Week?
Get in touch
If you are ready to start thinking about the value of your estate, you’ll need to communicate with those affected. Then, put a will in place or revisit the one you already hold. Remember, Globe IFA are on hand to help you manage your money tax-efficiently, so get in touch now.
Please email hello@globeifa.co.uk or call us on 020 8891 0711 to discuss how Globe IFA’s expert financial advisors can help you.
Please note
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
