Without proper financial planning, the harsh reality is that HM Revenue & Customs could become the largest beneficiary of your estate following your death.
Inheritance tax is payable if your estate exceeds the nil-rate threshold, which will be fixed at £325,000 until 2021. As of 6 April 2017, each person now gets an additional £100,000 (rising to £175,000 by 2020/21) tax free allowance to use against the value of their home if it is passed to a direct descendant.