Standard Life urges widows to review legal and financial affairs

Saturday 23 June was International Widows' Day, a date organised by The Loomba Trust, a UK based charity dedicated to the welfare and education of widows in developing countries.

Reflecting on this, Julie Hutchison, Estate Planning Specialist at Standard Life Assurance was prompted to talk about issues affecting widows in this country, who may need help and support, during what can be one of the most difficult and confusing times a woman can face.

According to Julie, "For many women, the emotional difficulties of bereavement can be compounded by being faced with additional financial and legal issues".

"It will be important for women to think about updating their will and perhaps also their power of attorney arrangements".

"Their financial affairs might also need reviewed to ensure inherited monies are invested in a way which meets their needs and changed circumstances, and those of their children." Research from Standard Life indicates that only 49% of the UK population has a will and only 24% has a power of attorney.

More worryingly, people with children are less likely to have a will than those who have none - 43% V 52%.

Julie continued "It is quite understandable that legal and financial matters will not be a first priority".

"However for longer term peace of mind in relation to legal arrangements and home finances, the guidance of a trusted lawyer and financial adviser are critical after a bereavement.".

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