The importance of wills for protecting your wealth
Inheritance tax applies to the worldwide estate of anyone who dies domiciled in the UK. At 40% of any value of an estate over £325,000, it is, potentially, a substantial liability. However, assets given to a spouse or civil partner are exempt from inheritance tax (IHT) and the IHT free band is transferable between partners.
Taken together, these two features can be used to real advantage, achieving significant tax savings for your family and safeguarding your wealth.