What is an inheritance tax planning conversation?
An inheritance tax planning conversation is a first discussion with a professional about how inheritance tax could affect your estate, and how that sits alongside everything else you want for your wealth and the people you care about. You share what matters to you, find out what else might be needed, and agree on what happens next. Think of it as a starting point, not a finished plan.
Curious about what may follow? Read what an inheritance tax planning service involves. For how the tax works, see our guide to inheritance tax and GOV.UK.
Start with what you want the planning to achieve
It's natural to focus on the tax bill. What often matters more is personal: security for someone close, a head start for younger relatives, or support for a cause you care about. Begin there.
Ask yourself:
- What do I want my wealth to do for me in my lifetime, and how much security do I want to keep?
- Who would I like to benefit: family, friends, charities, or others?
- How much control or flexibility do I want to keep?
- When might I want to pass wealth on, and is any of it meant for something specific?
- Does anyone need particular care or long-term support?
Some of these questions are sensitive. You don't need to have all the answers yet; noting them is enough.
Notice, too, where your hopes pull in different directions, such as keeping enough for yourself versus helping others sooner, or treating people fairly versus equally. That tension is normal, and talking it through is part of the point.
What information should you gather before the conversation?
You're aiming for a good sketch, not a perfect portrait. Depending on your circumstances, these are the details and documents an inheritance tax adviser may ask for and having them ready helps spot gaps early.
You and your family. Who you'd like to provide for, anyone who relies on you financially, where you live, and any significant overseas connections, as your adviser may need to explore these with you.
What you own. Your home and any other property, savings, investments, individual savings accounts (ISAs), business interests, and valuables, with rough values. Note how each asset is owned, for example whether it's in your name, owned jointly or held through a company or trust, as your adviser may need this information when building a picture of your estate.
What you owe. Mortgages, loans, and any guarantees you've given. These affect the cash that may be available to pay any tax or other debts when the time comes.
What comes in and goes out. Your main sources of income and roughly what you spend in a year. This shows what you could give or set aside without risking your own security.
Pensions and protection. Pension statements, any beneficiary nomination or expression of wish forms that tell a pension provider who you'd like to receive benefits, and life insurance policies, including any information showing whether a policy is held in trust. Our guide to pensions and inheritance tax explains how these can interact.
Gifts and trusts. A note of any significant gifts you've made, with rough dates and amounts, and details of any trusts you've set up or benefit from. Our guides to inheritance tax gifting rules and trusts cover how these work.
Wills and powers of attorney. Your current will and when you last looked at it, any letter of wishes, and any powers of attorney.
The people who already help you. Contact details for anyone who advises you, such as a solicitor, accountant, or investment manager.
What questions should you ask?
Good questions to ask about inheritance tax planning help you check what the adviser has understood, what they're assuming, and what happens next. Pick those that feel most useful.
- What will we cover today, and what won't we?
- Does any part of my situation need specialist advice?
- What assumptions are you making about my finances or circumstances?
- Which figures or information need checking?
- Which areas, such as gifts, trusts or pensions, might be worth exploring?
- What are the trade-offs between my options, including flexibility, control, access to money and cost?
- Will you need to work with my solicitor, accountant, or other advisers?
- Who will be responsible for each next step?
- What do I need to do next, and when?
- What will the next stage cost and how will I be charged?
- When should we review my plans?
Before you leave, ask for a short, written summary of the assumptions made, the information still needed, who's doing what, the likely next steps, and the costs or fee basis.
Still deciding who to speak to? See our guide to choosing an inheritance tax adviser. For the broad approaches people consider, read ways to plan for inheritance tax.
What if some figures or documents are missing?
Gaps are normal; don't let them hold you back. Waiting for a perfect picture can put off a conversation that could help you now. Where you don't know an exact figure, a sensible estimate, clearly marked as one, is usually enough to start. An estimate isn't a formal valuation or tax calculation, though, and an adviser may ask for statements or professional valuations later.
Keep a short list of what's missing, who has it, and who'll get hold of it. If some family matters are sensitive or haven't been discussed yet, it's fine to say so. Your adviser can help you decide what's needed now and what can wait. If you're gathering information for someone else, check you have their permission or the legal authority to act.
Which professionals may need to be involved?
Inheritance tax planning can involve more than one kind of expertise. That might mean financial planning to look at the big picture and your cash flow, legal advice on wills, trusts, and powers of attorney, and specialist tax advice for more complex areas, such as business or overseas interests. You may not need all three. What matters is that everyone shares information, with your permission, and it's clear who's leading. To see how these roles differ, read financial planner, solicitor, or tax adviser: who helps with inheritance tax planning?
Your inheritance tax planning conversation checklist
Treat this inheritance tax planning checklist as a prompt, and skip anything that doesn't apply to you.
| Preparation area |
Information or document to gather (where relevant) |
Questions or gaps to record |
| Objectives and family |
Your aims, who you'd like to benefit, and anyone needing care |
Where do my aims conflict? What's undecided? |
| Assets |
Property, savings, investments, and valuables, with rough values and how each is held |
Which values are estimates? |
| Liabilities |
Mortgages, loans, and guarantees |
Are any likely to change? |
| Income and spending |
Income sources and roughly what you spend each year |
What do I need to keep for my own security? |
| Pensions and protection |
Pension statements, beneficiary nominations, and life policies |
Are my nominations up to date? |
| Gifts and trusts |
Notes of significant gifts, and trust deeds or interests |
Which records are missing? |
| Wills and powers |
Will, letter of wishes, and powers of attorney |
When did I last review these? |
| Business and overseas interests |
Business ownership details, overseas assets, and where you've lived |
Might I need specialist input? |
| Existing advisers |
Names and contact details |
Who should be involved? |
| Actions after the meeting |
A written summary of the conversation |
Do I know what happens next, who's doing it, and what it costs? |
Prepare the picture before choosing the route
Good inheritance tax planning begins with you: what you want and who it's for. From there, build a picture that's complete enough to work with: your position and your paperwork. Be clear on your priorities, bring in the right professionals, and leave with clear next steps and the key points in writing. Gathering information isn't a plan in itself, but it gives your first conversation a confident start and puts you in a stronger position to make informed decisions about what happens next.
When you're ready to see how your estate and family plans fit together, a financial planner can help you build the full picture and work alongside your solicitor or tax adviser where needed. Talk to us about inheritance tax planning.
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