A new study by TIME Investments, a leading provider of Inheritance Tax planning services, reveals that half (51%) of UK adults do not have a will in place.[i] Of those who do have a will, 43% have not updated it since it was first written.
Furthermore, of those who have recently lost a partner or spouse, 27% have yet to update their will and 24% don’t have one in place at all.
Having an up to date will is the most basic tool in the wealth-transfer process, because it creates a clear record of the beneficiaries of an individual’s estate, whether this is made up of investments, property, or valuable items such as jewellery or art.
If an individual dies without a will or a will is found to be invalid, the estate will be wound up using the laws of intestate succession, which will determine who is entitled to benefit from an estate. This process can cause delays, administrative problems, and heartache for loved ones at a difficult time.
Commenting on the study, Henny Dovland, TIME Investments’ estate planning and Inheritance Tax technical specialist said:
“Having a will and an estate plan means that individuals and families can manage the transfer of wealth more effectively and ensure they don’t pay more Inheritance Tax than is necessary. Estate planning can be complex, so I would urge those with larger estates to seek advice as there are tools, such as Business Relief, which can be used to help reduce the tax burden.”
To find out more about Inheritance Tax planning, please contact us on 020 7391 4747 or questions@time-investments.com.
Coverage
Important information
The information contained in this press release does not constitute and should not be construed as constituting investment or tax advice by TIME Investments. Any views or opinions expressed are solely those of the author and do not necessarily represent those of TIME Investments. The levels and bases of, and reliefs from, taxation may change in the future. Any favourable tax treatment, such as Business Relief, is subject to government legislation and as such may change.
[i] Research conducted by Consumer Intelligence with 1042 UK consumers, December 2022
Posted: 25/01/2023 Categories: Inheritance Tax, News, Press