Brits don't understand probate, research claims

The majority of people in the UK don't understand what probate and intestate are, according to new research.

A study by GoCompare.com has revealed that less than 30 per cent of Brits understand the legal process of passing on the estate of a deceased person or what happens when someone dies without leaving a will.

Researchers also found that 18 per cent of Brits believe that if they die their credit card debts die with them, while 16 per cent believed that when they die all assets go to probate beneficiaries and they decide which debts to repay.

A further 44 per cent of individuals believe that life insurance does not pay out for suicide.

Jeremy Cryer of CoCompare.com stated: "Our research has found that many UK consumers are pretty baffled about what affects their life insurance and what happens to their debts when they die."

Mr Cryer warns individuals to take positive action to understand the probate process as "you owe it to those you'd leave behind to ensure they aren't left in a financial mess".

Published by Kevin Round