Eight of ten Czechs have not sorted out their inheritance or access to the deceased’s account, highlights a recent report. Česká spořitelna, a prominent Czech bank, is urging people to contemplate their mortality as it can benefit the financial health of the rest of the family. This is particularly important in situations when one spouse dies suddenly, leaving all the money in their account, and the surviving spouse is left high and dry.
“Talking about death and everything related to it is extremely difficult. Yet, it is a fundamental issue that is often taboo and affects our financial well-being. Therefore, it is important to realize our mortality and think about the correct setting of our banking products so that family members can access them in case of death,” says Monika Hrubá from Česká spořitelna.
Over eighty percent of people have not resolved what will happen to their property in the event of their death. In a survey conducted by the Ipsos agency, only 30 percent of respondents knew what needed to be done with a bank account in the event of a family member’s death to allow the survivors access.
The bank recommends customers set an authorized user for their account. This ensures that close family members will not suddenly be left without financial resources. “It is also good to check that the client has the authorization set correctly. That is, it does not expire with the owner’s death,” advises Hrubá.
One way to avoid disputes within the family is to write a will. However, this is not often contemplated. Only six percent of people report a choice for unexpected events. A third of respondents, however, declared that they were planning to write one.