Financial planning ‘essential to avoid inheritance tax charges’

Posted 10/12/2009

A consumer advice site has warned people of the need to prioritise financial planning measures such as writing Willsif they wish to avoid unnecessary inheritance tax (IHT) levies.

Unbiased.co.uk has reminded consumers that the freezing of the IHT threshold in this week’s Pre-Budget Report has not lessened the need for thorough estate planning.

It highlighted recent research which suggests that £2.2 billion has been wasted in the last year alone due to IHT levied on those who failed to plan their family’s inheritance properly.

As a result, the firm’s chief executive Keith Barrett stated that those who wish to protect their families from being hit with a 40 per cent IHT charge should make sure their Willsare in order.

He said: “Everyone should ensure they have a valid Will in place to leave the best possible future for their loved ones after they die.”

In October, research conducted by Unbiased.co.uk revealed that 60 per cent of people over 40 do not currently have Willswritten.