A Will is one among several ways to give a gift.  With respect to Inheritance Tax, which has to be paid by the decedent’s estate, a Will is a more expensive way to give a gift, because the value of the gift is counted as part of the entire value of the decedent’s estate, and Inheritance Tax is based on a percentage of the total value of the decedent’s estate.

Therefore, you can understand why a Will is a more expensive way for a decedent to pass on any form of property to a beneficiary.