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When you die, the Government assesses how much your estate is worth. This includes the cash you have in the bank or in investments, any property or business you own, vehicles - even some payouts from life insurance policies. It then deducts your debts from this to give the value of your taxable estate.

If this exceeds the inheritance tax threshold , currently £325,000 as set by the Chancellor, you (or technically your estate) will pay tax at 40% on the amount over and above the threshold when you die. This can  reduced if you leave a certain amount to  charity.

Dealing with it is one of the biggest single Money Saving things you can do, as some simple actions can save you £100,000s. Yet sadly many people ignore it, either not wanting to consider it  or simply just keep delaying it for later.

It's time this is dealt with immediately.. As Benjamin Franklin said, the only things that are certain in life are death and taxes, and this touches on both of them. So, whether you stand to inherit, or leave the money, it's time to sit down and tackle these issues with your family. Don’t try to couch it in soft terms, the easiest way is to be matter-of-fact and go for it head on.

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