Inheritance tax warning as Britons fail to understand finances - you could pay more

These can include multiple pensions, life insurance agreements, stocks and shares, and alternative savings methods.

However, only 11 percent of respondents said they knew all of their parents’ wider finances, with 29 percent not in possession of any of this information at all. 

Of course, failing to have this kind of information to hand, means the probate process is likely to become complicated and lengthy.

This could mean higher probate costs, and, as a result, a lowered inheritance for the intended beneficiaries. 

For those who are relying on an inheritance to support their finances or clear debts, this could be devastating.