Debt After Death
Many Britons are becoming increasingly worried that their wills could pass on their debts from one generation to the next. With the cost of residential care rising and the expected lifespan of adults increasing, many young Britons fear that all they will inherit from their parents is a string of debts.
The costs of care homes has risen and this has caused concerns for many families who may end up stuck with the expense of paying for the care of their parents or other family member. With people struggling to keep up with mortgage repayments and debts of their own, many young families shy away from being mentioned in their parents’ will. As young families take on bigger and bigger debts of their own there are very few who end up banking on a future inheritance to help them clear their financial future and pay off credit card and loan debts. Because of the increase in debt among the elderly many young people now view the concept of inheritance differently.
Those families that have poor communication may be the families that have biggest fears of inheriting debt from their parents. Figures show that more than one parent in four over the age of 55 has not told their children about their will. Many of these folks have no intention of sharing the information of the contents of their will with their family before they die. This leaves families unsure whether they will need to consolidate debts of their own with those of their parents at some later stage. Whether you are young or old, rich or poor, a will is a useful and often helpful document in dealing with the deceaseds’ finances.
Source: 1stopfinanceshopuk
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