Once Britons have sat down with family to discuss their wishes it’s then absolutely vital that they talk it through with a financial advisor to come up with a seven year financial plan.
Ms Cule then recommends making the most of gift allowances to help reduce how much inheritance tax someone will have to pay when they pass away.
“You can give away £3,000 each year and this will not be subject to IHT,” she explained. “ In addition, parents can gift £5,000 to each child as a wedding gift, while grandparents can give £2,500.
“Some people will find it hard asking for money, so try and speak to your children and grandchildren to find out if you can help them with something specific, such as a new car or school fees.”