The need to write a will has been emphasised through new research, which shows that tax inefficiencies are leading to the taxman receiving greater pay-outs.
Over the course of the year, it is estimated by Unbiased.co.uk that the taxman will unnecessarily receive £13.5 billion, despite the growing pressure on personal finances.
The statistics reveal that £134 million in inheritance tax is given in error, while £1,999 million that is given is totally avoidable.
On a regional basis, the south-east of England was found to be the most inefficient region, while women were found to be worse at tax planning than their male counterparts.
Find out more on how to reduce inheritance tax and plan your tax avoidance with Lawpack’s expert guide 101 Ways to Pay Less Tax, written by an award-winning accountancy firm.
By the same author, we also publish Tax Answers at a Glance to help you understand the tax system and how it affects you.
Legal adviser Sue Medder recently said in an article for Real Business that family businesses need a lot of consideration when writing a will, especially if non-related employees are involved.
She highlighted that having a family discussion is one of the best ways to address any issues.