Death debt fears

According to Scottish Widows, over five million people may need to start a debt management plan that accommodates the death of a relative due to rising house prices.

“The six per cent rise in property prices means that thousands more people will now face inheritance tax this year compared to 2005,” said Anne Young, tax expert at Scottish Widows.

“Whilst the average household wealth has increased from last year, so too has the amount of liabilities meaning the possibility of an added burden of debt left behind to relatives in the event of a death.”

Rising house prices have already forced many people to go deep into debt to get onto the housing ladder, but now it seems that relatives of ‘final buyers’ as well as first-time-buyers are being hit by the price increases.

Ms Young stated that a debt management plan could save “thousands of pounds”, adding that she was sure that most people would prefer that their relatives, rather than the taxman, got their inheritance.


Tell others:


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.