We know it’s not nice to think about what happens after you’re gone. But to make sure your loved ones aren’t lumped with a huge tax bill, it’s important to put a plan in place. In the event of your death, your beneficiaries are required to pay inheritance tax on your estate (which includes property, cash in the bank and vehicles). Anything under £325,000 won’t be charged, but anything above this value will be taxed at a whopping 40%. There are, however, a few things you can do to reduce this tax.