Will writing services news: People avoid leaving inheritance

Inheritance tax may not be an issue that many people have to deal with, if recent research is to be believed.

A survey by Prudential found that only 52 per cent of people questioned are aiming to leave an inheritance.

The Class of 2011 research also revealed that one in ten of respondents will not bequeath an inheritance to their family, as they are trying to increase their retirement income.

Gerry Brown, tax and trusts expert at Prudential, said that retired individuals have to focus on their own income first and look at inheritance as a secondary consideration.

He added that people are increasingly viewing inheritances as financial offerings that are nice to leave but that they do not need to leave.

Mr Brown said: "For those who do hope to leave a financial legacy there is a risk of assets that increase in value being left exposed to tax as the threshold for inheritance tax is frozen until 2015."

In addition, the recent Country Life Saffery Champness Succession Survey has shown that those with landed estates are placing less weight on primogeniture when it comes to making a will.

The research revealed that only 16 per cent of people deemed leaving their estate to their first-born son as "very important".

Published by Hannah Carr