p>Yes the first thing you need to do is make a will.

Making a will is the first step to ensure that your estate is shared out how you wish. If you do not make a will your estate may not go to who you wish, this is called the Law of Intestacy.

If you leave all your estate to your spouse there will be no inheritance tax to pay because this is classed as an exempt beneficiary, but when they die and leave their estate to other family members you will have to pay inheritance tax over a certain level. The current level for the tax years 2008-2009 is 312,000 pounds anything over this and you will pay inheritance tax at 40% to the government.

If you want to leave 40% of your estate to the government do nothing, but if you do not you should look at inheritance tax planning this will stop or reduce the amount you have to pay in a legal way.

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