Two thirds (62%) of over-55s have never taken any financial or legal advice on estate planning, according to a new report.

One in three (31%) married or co-habiting couples have never discussed what will happen to their household income if one of them dies, according to the report from Key Later Life Finance.

A fifth (18%) of over-55s surveyed did not have any financial plans in place if one of them died.

There was also a lack of understanding when it comes to benefits when one partner dies.

Only half (54%) of those surveyed knew if they were the named beneficiary on their partner’s pension. A quarter (25%) of those surveyed would receive nothing either because their partner does not have a pension, or they are not the named beneficiary.

Despite 67% of those surveyed owning their home outright with no mortgage, the research found that 9% of couples believe they would have to move home if their partner died. The main reasons cited were struggling to afford bills and upkeep (45%) or not being able to afford the mortgage (12%).

Will Hale, CEO at Key, said: “Bereavement is sadly inevitable for all of us and being prepared financially with intentions made clear in a will can be some comfort particularly when so many people believe they could be forced to move home as a result.

“Talking about the financial impact of bereavement is an important first step and seeking independent legal and financial advice can help people be prepared in the event of their partner’s death.”

There was a large difference across the regions as to how well prepared couples are for bereavement.

Those most likely to have discussed bereavement were in the North East, with 46% of those surveyed having discussed what would happen to household income if one dies.

North Eastern over-55s were also most likely to have taken professional advice, with 80% of respondents having reached out for estate planning services. Survey respondents in the East of England and London were the next most likely to have taken financial or legal advice on estate planning, at 70% and 71% respectively.