Wills ‘can help to safeguard against inheritance tax charges’

Posted 03/12/2009

People hoping to minimise the sting of inheritance tax when their assets are passed on to their families should ensure they have a proper Will drawn up, according to an expert in the sector.

According to international savings, investments and insurance group Aviva, people in the UK over 55 years old plan to leave about £2.15 trillion to their relatives.

Some 66 per cent of respondents in a recent study conducted by the firm indicated that they hoped to leave money to their loved ones.

However, a recent study by Unbiased.co.uk revealed that about 41 per cent of people between 50 and 59 years old have not yet made a Will.

More than a quarter (26 per cent) of respondents over 60 years of age had also failed to draw up the legal documents dealing with their families’ inheritance.

Director of pensions with the company Brian Bussell said: “We suggest that they seek inheritance tax planning to make sure they can pass on the maximum amount to their families.”