Have you checked your Will to ensure you will benefit from the changes to Inheritance Tax introduced by the 2015 Budget? If not, you may miss out on the new £1million allowance for couples.
From April 2017 you may be able to utilise an additional Nil Rate Band for your house so long as it is being passed to a direct descendant.
These changes could mean that on a second death, the surviving spouse could have a Nil Rate Band worth up to £1million provided that they leave their house to their child(ren) or grandchild(ren) and have a full transferable Nil Rate Band from their predeceasing spouse.
If your Will currently provides that your house is put into a discretionary trust or bequeathed to a class of beneficiaries who are not direct descendants, you may not get the benefit of the additional Nil Rate Band. The allowance will be gradually withdrawn for estates worth more than £2 million.