While it might seem morbid to discuss who will inherit a portion of your estate after you have passed away, doing so could prevent future disagreements

Inheritance tax receipts have been booming in recent years as soaring house prices pull more people into its net. For many families, it comes as a surprise; they are handed a complicated tax problem at a sensitive point in their lives.

Amid the many lessons from 2020, the pandemic demonstrated the importance of preparing for the worst and tackling tough decisions early. While no-one can make the discussion of inheritance an easy conversation, the crisis has provided a window of opportunity to talk about how you will pass on your wealth.

Carla Morris, a financial planner at Brewin Dolphin, says this is still a hugely emotive subject for her clients: “While it might seem morbid to discuss who will inherit a portion of your estate after you have passed away, doing so could prevent future difficulties or disagreements. You can explain what your plans are and why you have made certain decisions.”

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