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Inheritance Tax Wills
For a married couple or partners, when the first partner/spouse dies, assets up to the value of the prevailing Nil Rate Band (currently £325,000) can be put in trust. When the second partner/spouse dies the value of the assets held in the trust are disregarded for IHT calculations. The increase in the value of the assets in trust can far outstrip the increase in the Nil Rate Band over the same time resulting in significant savings for the family.
The Nil Rate Band is the amount you can pass on free of IHT – anything over this figure is subject to tax at 40%.
This Will protects the assets in the Trust for your children in the event that the surviving spouse was to later remarry.
For more information download our Inheritance Tax Wills Factsheet
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