Under-50s think it's too early to plan for IHT

A surprising proportion of Brits under the age of 50 believe it's too early to start worrying about plans for probate beyond making a will.

Although more than two-thirds of Brits (69 per cent) recognise the potential for inheritance tax (IHT) to affect their estate when they die, according to Legal & General, the same proportion do no more than make a will.

Thirty eight per cent believe it is far too early to start planning their estate in any more detail, while a quarter keep putting it off.

Worryingly, 15 per cent have no idea where to start in order to get their inheritance affairs in order.

"People clearly resent the idea that their hard-earned wealth should be taxed repeatedly but seem resigned to leave their estate to the tax man," added Legal & General head of tax and estate planning, Mark Green.

People who have already made a will should also make sure they update guidance in light of any marriage, divorce, births or adoption.

Published by Jessica Shervin