UK citizens not discussing inheritance with their families
According to new research from Brewin Dolphin 47% of UK adults have never discussed inheritance matters and 26% do not consider the conversation as a matter of priority on the basis that they are not old enough to worry about it.
While life events, such as health scares, may prompt 52% of people to discuss succession planning, more than a third do not feel comfortable discussing their legacy.
Brewin Dolphin has advised UK citizens to think about their future planning on behalf of both themselves and their families, both in terms of writing a will, and in planning how best to minimise inheritance tax (IHT).
According to official ONS statistics, IHT raised £4.9 billion in the last financial year, and advisors have warned that the increase, though partially down to rising property prices and frozen tax thresholds, can also be attributed to inadequate planning by families.
If you would like advice on wills, IHT or any other aspect of estate planning, please contact us.
Personal Solicitors Ipswich – click here for more information on our range of services