The survey by wealth manager Canada Life International found that just 12% of wealthy individuals have set up a trust to protect money for their family, while less than half have taken out life insurance.
Many respondents from the survey of over-45s with over £325,000 in assets said there was no need for estate planning, while some suggested that more education is needed about the benefits of IHT planning.
Nearly 10% said they were not prepared to consider seeking advice on IHT planning.
Over a quarter of respondents aged over 45 had not written a will, although this figure improved with age, with 89% of people having written a will by age 65.
Despite this, the number of people setting up a trust and the proportion of people with life insurance declined with age.
Sean Christian, managing director at the Isle of Man-based company, said: “There is a worrying perception among wealthy people that inheritance tax planning is ‘not for them’.
“Many people choose to leave estate planning until later in life, but the fact that the proportion of people setting up a trust barely changes with age is a worrying sign that not enough wealthy people are aware of this option for shielding their wealth.”
Canada Life International was established in 1987 and has £9.2bn in assets.
