A recent study by Prudential discovered that 1 in 3 couples over 40 don't know or understand the details of their partner's retirement savings. Perhaps more shocking, 1 in 5 said that they have never even talked to their partner about financial planning for retirement.
"The survey makes for some startling reading, and reinforces the need for people to seek action and take advice to make sure their journey into retirement is as smooth as possible," said Prudential.
Some people say they feel uncomfortable discussing estate planning with their partners, particularly if they're still relatively young, in good health, or they haven't been together very long.
The very same people, however, recognise that personal circumstances can change very quickly due to accident, illness, or economic circumstances, which makes it vital to plan ahead to provide for a comfortable retirement and ensure that your loved ones are provided for after you die.
Mainly due to inertia, thousands of people die without a will every year. Indeed, one recent study estimated 27 million people in the UK have not made one -- that's around two thirds of the adult population.
Even where a will is made, it often turns out to be invalid. This might be because the deceased failed to comply with the strict requirements of the Wills Act or didn't realise that divorce or the end of a civil partnership automatically revokes a formerly valid will.