Link copied Make the most of your money by signing up to our newsletter for FREE now SUBSCRIBE Invalid email When you subscribe we will use the information you provide to send you these newsletters. Sometimes they'll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. Inheritance tax otherwise known as IHT, is payable on the estate of someone who has passed away, and is charged at 40 percent on estates above a particular value. However, the tax is just one element of managing the estate of a person who has passed away. While many people will be trying to reduce their tax bill for the loved ones they leave behind, it is of equal importance to lay out one’s final wishes in a formal and binding document.