A survey by Brown Shipley, a Quintet Private Bank, found 54 percent of respondents said they had not spoken to loved ones about plans to pass on wealth.
More than two-fifths (42 percent) had not yet made a will, though 17 percent were planning to do so in 2023.
The report indicated that large numbers of wealthy people are now consulting wealth management professionals, with almost a third (32 percent) saying they had reviewed their plans to make sure money was passed on in a tax-efficient way.
The current tax-free inheritance allowance is £325,000, while a £175,000 nil-rate band applies to homes passed to children or grandchildren. However, gifts made in the last seven years of someone’s life are exempt.
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