L&G poll shows people put off estate planning

A clear majority of Britons are aware of the likely hit on their wealth from inheritance tax but most have done little to mitigate any affects, according to new research from Legal & General.

Around 69 per cent of the 200 people questioned, all of whom were under 50 years of age, said they were aware of the impact of inheritance tax, while the same percentage said they have done nothing to offset any likely tax liability.

The top reason given to Legal & General for putting off estate planning was is was too far off for to consider.

Almost four out of 10 felt it was too far away to consider, while 24 per cent admitted they just kept putting it off while 15 per cent just don’t know where to start.

However, half of the those surveyed said they would like to learn more about tax mitigation after being shown details of inheritance tax charges.

Mark Green, head of tax and estate planning at Legal & General, said: “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.”

The responses also showed people looking for help to minimise inheritance tax sought professional advice or guidance.

At the top of consumers’ list of likely sources for advice were IFAs, which scored 30 per cent, solicitors with 26 per cent and accountants with 13 per cent.

Online searches, such as “Google IHT” were next on the list and a likely source to go for help in one in ten cases.