More than half of parents surveyed by Scottish Widows have not spoken to adult children about their will.
The survey of 2,000 adults found 57% had failed to discuss their will with their offspring and nearly a quarter (24%) of adults had not discussed making a will with their partner or spouse.
Almost a third (31%) were unsure if they understood the long-term benefits of putting their assets into a trust or finalising a will.
Half of adults admitted talking about long-term finances, especially in the event of death, with family members was difficult.
When it comes to discussing wills and trusts with adult children or dependents, 69% of parents said they felt responsible for the financial wellbeing of their children if they were to pass away.
Despite this, 57% admitted they had not talked to their children about long-term finances and 9% of parents were not sure how to approach the topic.
The survey found 47% of people had their children as a beneficiary of their will – higher than other forms of support, such as a deposit for a house or flat (19%), a savings pot with regular contributions (16%), or covering the cost of transport, such as a car (15%).
Rose St Louis, protection director at Scottish Widows, (pictured) said: “While our research found that two-thirds of adults (69%) understand the long-term benefits of finalising trusts and wills, it still leaves many who don’t.
“We know people might put off talking about creating wills or trusts, possibly because it doesn’t seem a priority or they find it a difficult situation to think about.
“Broaching these tricky topics with clients when appropriate is key to ensuring people’s wishes will be met, giving them peace of mind.
“The good news is over half of those (57%) we spoke to believe it’s important to seek financial advice when it comes to long-term financial planning, further highlighting the huge role advisers have in helping people plan for the future.”
