Adults in the UK are failing to protect their wealth through effective tax planning, according to life insurer Zurich.

The company’s research reveals that nearly two thirds of Britons are unaware of the changes to inheritance tax (IHT) nil-rate band announced in October 2007.

The introduction of the transferable nil-rate band allows couples to pass of more of their wealth to their beneficiaries free of IHT much more easily.

Paul Wright, investment management director, business development director, Zurich UK Life, says, ‘Planning what will happen to your estate sounds like a depressing thought, but what is even more depressing is what your estate can be subject to if you don’t start planning now. At best, a lack of knowledge can significantly slow down the distribution of assets, at worst, it can mean assets won't reach those who you would want to receive them.

‘The message is simple; effective inheritance planning is not just for the rich. If you want to make sure that your assets reach the people or charities you want them to go to, you need to start planning your inheritance. If you’re not sure where to start, talk to a financial adviser and they will help you protect your estate and your family, as well as saving you time and money.'