One in four over 55s have never discussed inheritance, with widespread gaps in tax and estate planning knowledge.
New research* undertaken by YouGov for leading UK wealth management and employee benefits firm Mattioli Woods highlights a persistent reluctance among over-55s in the UK to discuss inheritance, alongside significant gaps in understanding of Inheritance Tax (IHT) rules and estate planning.
Despite widespread expectations of passing on wealth, inheritance remains one of the UK’s most avoided financial conversations. A quarter (25%) of over-55s say they have never openly discussed inheritance with their family. The findings point to ongoing emotional discomfort, privacy concerns and perceptions that it is ‘too early’ or unnecessary to engage in such discussions.
Across all age groups, reluctance remains entrenched. Even among 45-54-year-olds, 35% say they have never had such conversations, underscoring that avoidance is not confined to older generations.
Regionally, London leads in inheritance conversation avoidance (44%), followed by the North West (37%) and Scotland (36%). Yorkshire, Wales, the South West and the South East each record 34%, while the North East (33%) West Midlands (also 33%), and the East Midlands (32%) show slightly higher levels of openness. Eastern England reports the lowest proportion of avoidance at 30%.
Despite relatively high confidence in some aspects of estate planning, awareness of key Inheritance Tax rules remains limited among over-55s. Only 15% are aware of the nil rate band and residence nil rate band allowances, while just 35% understand that pensions could potentially become subject to Inheritance Tax from 6 April 2027.
By contrast, understanding is considerably stronger when it comes to more basic estate planning principles. A large majority of over 55s (83%) recognise the importance of having a valid will, and 61% are aware of the seven-year gifting rule.
“These findings show a clear disconnect between the expectation of passing on wealth and the understanding required to do so effectively. While most people recognise the importance of a will, far fewer understand the tax rules and allowances that can significantly impact what is ultimately passed on.
“The reluctance to talk about inheritance is understandable, but it can leave families unprepared at a time when clarity matters most. When these conversations are delayed, important financial and emotional decisions are often left until moments of stress or urgency, when it is harder to reflect clearly or act in a coordinated way.
“That can create uncertainty around intentions, increase the risk of disputes, and lead to avoidable delays in administering estates.”
Amit Joshi, Managing Director of Wealth at Mattioli Woods
Mattioli Woods recently integrated Kingswood Group under a unified brand, following its October 2025 merger. The combined business now oversees more than 30,000 clients and is responsible for assets under management exceeding £32 billion.
With over 200 financial advisers across 40+ UK offices, the Group says the integration strengthens its position as a leading national wealth manager and enhances its ability to deliver joined-up wealth planning, investment management and employee benefits services.
“We regularly help bridge this gap by facilitating structured, sensitive discussions within families and ensuring plans are clearly documented and aligned with wider financial goals. Beyond investment management, we support clients in articulating their wishes, working alongside legal and tax advisers, and building robust succession plans that reduce ambiguity and help ensure wealth is passed on as intended.”
Amit Joshi
