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Too many people failing to make plans for their inheritance

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A worrying number of Britons with sizeable wealth have yet to implement a full inheritance plan.

A recent survey has shown that fewer than one in four high-net-worth individuals have failed to make detailed plans for passing on their assets.

And approaching a third of those surveyed over a three-month period last year admitted that they had made no provision at all.

Individuals from the United States and Canada were also questioned as part of the research and a common problem of being unwilling to discuss estate and succession planning was identified.

That said, looking at the UK in isolation, it is thought that the stoic character that is often associated with Britain may play a part.

Moreover, the fact that their parents are not putting emphasis on the importance of arranging affairs is thought to be making it more likely that the next generation will be even less concerned about setting matters in order as they get older.

Although this particular survey focused on those with fortunes well above the average, the findings were released at a time when Inheritance Tax (IHT) receipts have hit a record high.

In the last financial year, officials at HM Revenue & Customs (HMRC) raked in a total of £4.7billion.

Changes to the current regime are to be phased in over the coming years as part of efforts to reduce the number of people of more modest means who have found themselves dragged over the IHT threshold.