Young people risk IHT bills

Inheritance tax could prove a problem for many young people who have not yet drawn up wills, according to new research. The Fellowship of Professional Willwriters and Probate Practitioners found that 85% of 18 to 30-year-olds have not written a will. Should anything happen to them, their assets would be distributed according to intestacy laws, which may not correspond with their personal wishes. In addition, young people who own property could end up placing a large inheritance tax burden on their beneficiaries. Of the 85% who have not written a will, some 53% had children. People should not take things for granted and assume that their estate will automatically go to their loved ones, said Rita Leat, president of the fellowship. At present, the inheritance tax threshold for individuals stands at £325,000. For married couples and civil partners, the limit can be shared, resulting in a joint allowance of £650,000.
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