Sunday, 17 March 2019
Research recently released by an investment company has provided some interesting statistics revealing that people are often completely unprepared when it comes to estate planning.
HMRC figures show that Inheritance Tax bills rose by 8% last year. However, 45% of retired British people have not discussed Inheritance Tax planning with their family.
The average person waits until the age of 74 to discuss their Will:-
The next generation are often completely in the dark over these matters:-
There is also concern about the lack of information being passed on regarding digital assets:-
The research also shows that one in ten have heard of cases of inadequate estate planning with stories of warring families, disastrous homemade Wills or no Will at all as well as those who refused financial advice and had pay to thousands in additional Inheritance Tax as a result.
Our advice? Have these difficult but essential conversations with your family now to avoid storing up problems in the future. Our expert team is on hand to guide you through the complexities of estate planning. If you would like to speak to our Lifetime Legal Team please contact us on 01383 721141.