Consumers in the UK should do more to protect their estates so that their family members receive a greater proportion of their wealth through their wills.
This is according to Unbiased.co.uk, which suggested that people are losing a combined total of £2 billion by paying too much inheritance tax.
According to a poll conducted by the organisation, 86 per cent of individuals questioned admitted to doing nothing to reduce their tax burden.
It also noted that if Labour remains in power following the general election on May 6th, the threshold for the levy could remain at £350,000, instead of going up in line with inflation.
"With Tory plans to raise the inheritance tax threshold to £1 million, inheritance tax is now a key topic on the election agenda," stated Karen Barrett, chief executive of unbiased.co.uk.
She went on to advise people to seek financial advice concerning how they can bequeath as much money as possible to loved ones.