Families fail to discuss inheritance

About 75% of people have not talked about inheritance with their family. Writing a will can help people to plan for retirement. Almost half of middle-aged home owners are afraid they will have to sell their property to finance a comfortable retirement and pay for long-term care, according to new research. The study, carried out by law firm Dickinson Dees, found that about two million people living in the UK are concerned they will be forced to put their house up for sale in order to meet the costs of retirement, which could be avoided if more people talked about inheritance and estate planning by creating a will. The research highlighted that three quarters of people have failed to discuss matters of inheritance with their parents even though people with estates or assets worth more than £325,000, or double that for married couples and civil partnerships, are liable to pay inheritance tax (IHT) at a fixed rate of 40%.