Why itâ€™s important to discuss your inheritance
How do you as an adult approach the sensitive topic of inheritance with your elderly parents? Do you make light of it or do you simply avoid the subject at all costs?
In a recent survey by Investec, around 74% of adults said that they had never discussed the subject, worried that they would be perceived as being money grabbing or simply reluctant to acknowledge their parents’ immortality.
Having this discussion whilst they’re alive however, can make all the difference when it comes to understanding the terms of their wills and ensuring that probate is processed as quickly and smoothly as possible.
As well as potentially avoiding family squabbles during a time when everyone should be united in their grief, being aware of the details of the inheritance and estate as a whole could in fact unearth information which could help towards reducing inheritance tax liability when it falls due.
By having a sensitive yet open discussion with your parents, you could discover that their wills are out of date and need to be updated to reflect a change in family or financial circumstances. If their possessions are currently valued over £325,000 singly or £650,000 jointly and they have no estate plan in place, it may be time to visit a professional estate planner, who can advise on ways to minimise inheritance tax, which will otherwise claim around 40% of proceeds.