Inheritance tax: Britons urged to secure document to avoid paying ‘more than necessary’ | Personal Finance | Finance

Ms Loydon stressed: “A healthy and confident attitude towards money begins with a solid plan. Your financial plan should include a list of all your assets, which aren’t always tangible, and clear instructions as to what they are, where they are and how to access them, offering clear instructions as to what you would like done with them once you pass away – ensuring this is in the form of a valid Will.

“A solid plan which has been well communicated not only has a positive impact on future family members financially but supports ensuring good money habits are formed early and maintained over the generations.

“It’s also worth legalising your relationship status as part of your plan, which doesn’t necessarily mean getting married if that doesn’t align with your values, to ensure your partner is provided for in the way you would like, at the time of your death.”

Some Britons may not like the idea of an inheritance after death, and so they may instead opt to enjoy time with their loved ones by spending some of their estate together.

For example, money could go towards a family holiday, or helping children or grandchildren to get on the property ladder.