INHERITANCE TAX costs may be reduced by having a will in place, an expert has said, as Britons have been urged to sort out their arrangements ahead of the new year in 2021.

Inheritance tax otherwise known as IHT, is payable on the estate of someone who has passed away, and is charged at 40 percent on estates above a particular value. However, the tax is just one element of managing the estate of a person who has passed away. While many people will be trying to reduce their tax bill for the loved ones they leave behind, it is of equal importance to lay out one’s final wishes in a formal and binding document.

This is known as a Last Will and Testament, or more commonly a Will, which lays out how a person wishes their money and assets to be divided, and their wishes for after their death.

While Britons have a general knowledge of this kind of documentation, there are many instances which have arisen where people themselves do not have this document in place.

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