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Government to receive inheritance tax windfall as research reveals a lack of future planning from the public

Posted
November 6, 2014
Family Law

Research by the Law Society has revealed that 73% of 16-54 year olds do not have a will and only 64% of people aged over 55 have a written will. The research also highlighted the fact that 23% of respondents incorrectly believed that without a will, their possessions would automatically go to their loved ones. 

This is not necessarily the case . As a result of this mind-set over £8m went to the government. Andrew Caplen, president of the Law Society, voiced his concerns at the figures: "Thousands of people die every year without making a will or without a properly drafted will. These figures show just how bad the problem is. The Society also estimates that by 2018, the government will receive nearly £6bn from inheritance tax, which it said can be hugely reduced by drafting a will and careful planning. Sue Tipper of Crawley based solicitors, stevensdrake, added: “The importance of having a will is all too often over-looked, dare I say it, it’s a case of mañana for many. If people realised the consequences for loved ones of dying without a will in place, I believe attitudes would be very different. 

Also, in worst case scenarios, who wants hard-earned money to go to the Government when they die?” Sue added: “Creating a will needn’t be a daunting process. It’s very straight-forward to create a simple will, providing clear instruction to the powers that be on your passing.

 Of course, there are more complicated wills, but for the majority of people, we can provide a simple, easy to understand, but effective will, for a small outlay and peace of mind.”

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