According to new research, two in five married UK couples are not discussing plans regarding passing on wealth to family members and other beneficiaries.
Financial experts have weighed in following the study, warning that keeping others involved in the dark and poor planning could result in inheritance tax (IHT) issues later down the line.
Britons with worries about the size of potential IHT bills often look to experts in financial planning in Chester, Birmingham, and other UK cities. Wealth managers can help consumers calculate tax bills, and help them prepare by mitigating the size of payments due through effective tax planning.
The survey uncovered that two fifths of respondents had yet to talk with their children and other members of the family about their future financial arrangements. One out of 10 couples surveyed openly admitted they had no plan to talk to their children about inheritance, and would leave the duty to them to sort it out after they had died.
Close to a third commented that they did not feel their families were required to be involved, and a fifth added that a discussion hadn’t occurred about their will arrangements, due to it being an uncomfortable subject.
Indecision was also a clear factor in the study, with 25 per cent of couples failing to agree how their wealth should be distributed.
Finally, around 60 per cent of respondents had not considered care costs in retirement as a subtraction from available wealth to pass on to their loved ones.
