When a loved one dies, a degree of comfort can be found in the inheritance of their property and earnings. However, the specifics of inheritance also create the potential for family conflict and foolhardy spending, so it is a matter that should be given measured, thoughtful consideration rather than taking a cavalier approach.
The following infographic visually explains making the most of your inheritance and provides stats about inheritance. The average age of an individual receiving an inheritance is 48. It is estimated that the average IHT due per taxpayer was £236,000 in London and £176,000 in south-east England, compared to £134,000 in north-west England.
Additionally, the infographic shows the consequences of not making a will. Among the listed are not being able to make gifts to relatives or charities and lack of clarity as to your funeral wishes. Besides, you can read about the rules of intestacy and the terminology explained.
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