Probate software specialist Exizent has published its first Bereavement Index1, with some interesting findings. It shows that many people fail to organise their finances before death, leading to stress and anxiety for those left dealing with a ‘financial mess’.
According to the research, one in seven (14%) of those tasked with administering the estate of someone who has died, begin the process without full knowledge of all the deceased’s accounts and assets. In fact, so many people die without leaving behind sufficient financial information, that 37% of accounts only come to light during probate.
No wonder, then, that nearly 90% of those who have recently lost a loved one found the probate process ‘stressful’ – or ‘extremely stressful’ for one in six correspondents. Secret or hidden accounts were associated with higher stress, with respondents in this situation twice as likely to be ‘extremely’ stressed, while for 40%, probate had mental health implications.
Not only will organising your financial affairs and keeping an up-to-date Will ensure your wishes are carried out when you die; it will also save your loved ones a great deal of time and stress. For guidance on getting your finances in order, speak with us.