Surge in will writing sees investors reduce IHT bills

Forty-four per cent of investors have made a will in order to reduce their Inheritance Tax (IHT) bill, according to research from Rathbone Investment Management.

The wealth expert suggested the coronavirus pandemic has forced many people to come to terms with their own mortality, which has created a spike in the number of people writing wills.

Research from Which? last December showed the number of people making wills surged during the first UK lockdown, with a 682% increase in April compared to the previous year.

Rathbone also highlighted that not only does writing a will mean financial affairs are kept in order, but it can legally protect and support loved ones. The wealth expert’s research found that over half (55%) of parents are planning to financially gift to their children or grandchildren in the coming years.

The findings also suggested that 28% of individuals have made a financial gift in order to reduce their IHT bill. 

Rathbone head of financial planning, Emma Watson, commented: “It’s hard to imagine let alone plan for a future that you’re not in, but spending time now considering what you would want for your family can save a great deal of heartache for them in the future.

“Of course, this sort of preparation does nothing to protect you against the worst happening but it can make sure that if disaster strikes your family, they don’t have legal and financial troubles at a time when they will be least able to deal with them.”

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