Inheritance Tax planning is a complex subject and one where you MUST take professional advice.

At one time it was tax that only affected very large estates but it is a fact of life for many who never thought of themselves are particularly wealthy.

The most recent changes have taken many out of the net this combined with falling property prices has reduced the immediate burden .

However if you do wish to leave as much of your estate as you can to your children or in fact to anyone other then the tax man it is sensible to check the facts and figures.

HMRC have a consumer guide which is a good starting point.

This guide is designed to help our customers to obtain a grant of representation, complete an account of the deceased's estate, and pay any inheritance tax (IHT) which may be due. It also gives advice about lifetime gifts and the taxation of discretionary trusts.The HMRC page above also has a glossary of terms and other information on Probate etc.

You may also find our page that specifically deals with Inheritance Tax useful.

After reading through the basics you decide that you need some advice then talk to an Independent Financial Adviser. It is often with a little planning, some thought well in advance that substantial sums can be saved from any tax due on estate.