Inheritance tax is often cited as one of the easiest taxes to avoid as there are so many tax mitigating devices available. For a start, there is the nil rate band of, potentially, up to £500,000 for each person, depending on who the asset is being left to, for example.

But there is a whole raft of planning available to those looking after their heirs, be that making use of the reliefs that are perfectly acceptable, to the use of trusts and the more adventurous end of the spectrum of EISs and other investment tools.

Inheritance tax has become something of a political football over the past few years, as property prices – people's main assets – have soared dramatically in the last few years. There has been political pressure in the run-up to every Budget and Autumn Statement to change the nil rate band, from £325,000, as more and more people's properties fell into the taxable value.

The nil rate band has been frozen at £325,000 since 2010/11, so the change to raise it this new tax year has been welcomed by many.

But experts have long argued that other devices can help with the challenges of an estate. Various types exist, but even putting one's life insurance in trust means that when the individual dies, the beneficiaries can have access to the pay out straightaway, rather than wait months for probate.

Similarly, if one wants to take more of a punt, one's assets can be invested into various types of schemes which can mean an asset qualifying for business property relief, which reduces its value for IHT purposes.

Even gifting during one's lifetime, before one dies can reduce one's IHT liability, but you have to make sure not to die within seven years of making the gift, otherwise there will still be a tax charge.

Melanie Tringham is features editor at Financial Adviser