By clicking a retailer link you consent to third-party cookies that track your onward journey. This enables W? to receive an affiliate commission if you make a purchase, which supports our mission to be the UK's consumer champion.
Raising the topics of retirement, later life care and death may not be very Christmassy, but it could be the most valuable gift you give your family this year.
Here, we list seven questions you could use to start the conversation about the plans that have already been put in place and what still needs to be done to avoid issues later on.
Dying without a will could mean that the people you care about most don't receive anything from your estate – and even once you've written a will, you'll need to keep it updated.
Research done on behalf of Solicitors for the Elderly has found that almost half of UK wills could be out of date due to life-changing events such as marriage, divorce and death.
As a rule of thumb, you should look to review your will every three years and whenever your family or financial circumstances change significantly.
Use our guides to find out how to make a will, what to put in your will and the six mistakes that could invalidate your will.
Distributing someone’s assets is a big responsibility, and one that can be stressful and time-consuming.
But one in five executors only found out about their role after the person who appointed them died, according to the Exizent Bereavement Index.
Executors are not only responsible for making sure the will is followed, but they must also locate and access the original copy, and need to know where it's stored.
One in 10 Which? members told us that they have had to search for a relative’s will in the past.
If the executor is unable to find the will, your estate will be distributed in line with intestacy rules.
‘Once you’ve raised the topic of death, it’s worth doing a thorough job,’ according to Sarah Coles, head of personal finance at Hargreaves Lansdown.
'Check if they have a register of assets – fewer than one in 10 people think their parents have one.’
A register of assets is a document listing all of your accounts including current, savings, investments, pensions and insurance policies. You can also also leave details of bills such as utilities and broadband.
Sarah added: ‘Without a register, it will be up to your loved ones to trawl through all your affairs and try to work out what you have and where.
'It can be an onerous burden at a time when they’re going through so much. Your loved ones could also overlook assets when your estate is going through probate or miss debts that have to be repaid.'
Power of attorney (POA) lets you grant someone else the legal power to make decisions about your finances and/or healthcare should you lose the mental capacity to do this for yourself.
There can be serious repercussions to not having this critical document in place when a serious illness strikes, as a POA has to be set up when you still have mental capacity.
However, as many as eight in 10 adults over the age of 55 don’t have a power of attorney in place, according to figures from Lloyds Bank.
Find out how to set up power of attorney and what happens if you lose capacity without a POA in place.
It can be difficult to predict whether you'll need care, for how long and whether it can be delivered in your own home.
Sarah says that although the issue is ‘thorny’ it’s essential to discuss: 'If something was to happen to your parents, they might not be in a position to talk to you about the kind of care they need and the role they want you to play.
‘You should also consider the question of how you would pay for care. You need to know whether they have any savings or have set aside money in their pension for this, and if not, you should speak to them about the fact that you may need to sell their home for care.’
You might think that you're too young for a life insurance policy.
But if you have people who are financially dependent on you, such as a partner or children, or you own a home, a life insurance policy can help provide for them if you were to suddenly pass away.
Life insurance payments are tax-free and can also be used to go into trust, so your family receives the money sooner. This also means the payment doesn't form part of your estate so isn't subject to inheritance tax .
How much you will pay for life insurance depends on your age, health, lifestyle and how much cover you need, as well as the type of policy you have.
Choose life insurance, health insurance, income protection and/or critical illness cover via LifeSearch and get a £50 John Lewis gift card.
Get a quotePolicy must be active for 90 days before gift card is issued. T&Cs apply.
This may be a good one to discuss with any siblings, cousins and younger nieces and nephews.
Single people need an average annual income of £20,000 for a comfortable retirement, according to Which? research, while the equivalent figure for a couple is £28,000.
And the earlier you start saving the better – those who start contributing at the age of 22 are £188,000 better off than those who leave it later, according to Standard Life.
Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665 and is an Introducer Appointed Representative (FRN 610689) of the following:1. Inspop.com Ltd for the introduction of non-investment motor, home, travel and pet insurance, who are authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635). Inspop.com Ltd is authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635) and is registered in England and Wales to Greyfriars House, Greyfriars Road, Cardiff, South Wales, CF10 3AL, company number 03857130. Confused.com is a trading name of Inspop.com Ltd. 2. LifeSearch Partners Limited (FRN656479), for the introduction of Pure Protection Contracts and Private Health Insurance, who are authorised and regulated by the FCA to provide advice and arrange Pure Protection Contracts and Private Health Insurance Contracts. LifeSearch Partners Ltd is registered in England and Wales to 3000a Parkway, Whiteley, Hampshire, PO15 7FX, company number 03412386.3. HUB Financial Solutions, for the introduction of equity release advice, who are authorised and regulated by the Financial Conduct Authority (‘FCA’) to provide advice and guidance on financial products for those who have retired or are approaching retirement (FCA Firm Reference Number: 455713). HUB Financial Solutions is registered in England and Wales to Enterprise House, Bancroft Road, Reigate, Surrey RH12 7RP, company number 05125701.4. Alan Boswell Insurance Brokers Ltd (FRN 301), for the introduction of non-investment landlord insurances, who are authorised and regulated by the Financial Conduct Authority to provide advice and arrange insurance contracts. Alan Boswell insurance brokers Ltd is registered in England at Prospect House, Rouen Rd, Norwich NR1 1RE, company number 02591252.Other financial services:Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ. London & Country are authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.We do not make, nor do we seek to make, any recommendations or personalised advice on financial products or services that are regulated by the FCA, as we’re not regulated or authorised by the FCA to advise you in this way. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners. If you go ahead and buy a product using our link, we will receive a commission to help fund our not-for-profit mission and our campaigns work as a champion for the UK consumer. Please note that a link alone does not constitute an endorsement by Which?.
