A recent study has now revealed that over half of wealthy people in the UK have yet to discuss their inheritance plans with loved ones. Experts are now warning that it is wiser to have difficult conversations regarding estate planning and finances when we are alive, to ensure that our wishes are carried out and measures are made to ensure as little inheritance tax (IHT) is paid to HMRC as possible.
UK savers keen to reduce the size of their final IHT bill often look to wealth managers for assistance. These experts in estate and retirement planning in Chester, Birmingham and other parts of the country help their client’s pass on their wealth using tax-effective methods that can ensure more of their estate is passed on to their beneficiaries.
The survey found that more than 50 per cent of respondents confirmed they had not verbalised their plans to pass on their wealth with loved ones. Furthermore, over two-fifths had not drawn up a will, although 17 per cent stated that they planned to do so this year.
The research suggests that some wealthy Britons are currently consulting wealth managers, with close to a third stating they had employed experts to review their plans to make certain that money was passed on via the most tax-efficient method available to them.
However, experts have commented that many are still putting their families at risk of facing large IHT bills by not making a will and benefitting from the legal loopholes available to mitigate IHT payments.