A recent report has shed light on a concerning statistic – eight out of ten Czechs have not made preparations for their inheritance or the financial access of their survivors to the deceased’s account. This oversight has prompted Česká spořitelna, a prominent Czech bank, to urge people to confront their own mortality, emphasizing that doing so can significantly benefit the financial well-being of their families. This is especially crucial in situations where one spouse passes away unexpectedly, leaving all the funds in their account, and the surviving spouse is left in a precarious financial position.

Monika Hrubá from Česká spořitelna stresses the importance of addressing this often-taboo topic, stating, “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.”

A survey conducted by the Ipsos agency revealed that over eighty percent of people have not made arrangements for the disposition of their property upon their demise. Furthermore, only 30 percent of respondents were aware of the necessary steps to take regarding a family member’s bank account to ensure access for the survivors.

To address this issue, the bank recommends that customers designate an authorized user for their account. This measure guarantees that close family members will not find themselves suddenly without financial resources. Hrubá also emphasizes the importance of ensuring that the authorization does not expire with the account owner’s passing.

Another method to prevent potential family disputes and secure the financial future of survivors is to draft a will. Regrettably, writing a will is a step that is often overlooked, with only six percent of people reporting that they have made provisions for unexpected events. However, there is a silver lining, as a third of respondents stated that they intend to write a will, signaling a growing awareness of the importance of these preparations.

Confronting the issue of inheritance and ensuring financial access for survivors is a responsible step that not only provides peace of mind for individuals but also safeguards the financial stability and well-being of their loved ones. The call from Česká spořitelna serves as a reminder of the necessity to address these matters proactively.

Article by Prague Forum