People without a will risk large IHT legacy
People who fail to make a will could leave their loved ones with a hefty inheritance tax bill, website Unbiased has warned.The site's warning comes as its research revealed almost 29 million people in the UK (58% of the population) are currently without a will.
Karen Barrett, chief executive of Unbiased, said: "People spend their lives providing for their loved ones, yet lack of action in planning their affairs for after they have gone could lead to a hefty inheritance tax bill, not to mention additional stress for the family and potential delay in distributing assets." The research found 30% of the representative sample of 2009 people surveyed are putting off making a will until later on in life.
It added 14% of respondents have not written one because they are concerned about the costs involved.But 10% of Britons without a will believe their estate will automatically be passed on to the right people in the event of their death. Barrett said: "The easiest way to ensure your estate goes to the people you want to when you die is to consult a solicitor or financial adviser, who can help you interpret the current inheritance rules and apply them to your situation."
She added: "This is our fourth annual ‘Write a Will Week' and the topic continues to be as important as it was four years ago. "Too many people are simply unaware of the control that having a will gives you and its importance in ensuring your loved ones receive what you intended them to."
Read more: IFA Online Article