When a single person dies, the most they can currently leave someone without paying inheritance tax is £325,000. Inheritance tax is around 40%, so it can have a major impact on any sum above this limit - check GOV.UK Inheritance tax thresholds. However, if you’re married, all of your assets can be passed to your partner with no inheritance tax to pay.
From April 2017, each individual will be offered a family home allowance so they can pass their home on to their children (including step, adopted and foster children), grandchildren or great grandchildren tax-free after their death. This will be phased in from 2017-18. More information about this is available from our Inheritance Tax planning page, and at GOV.UK Summer budget 2015: key announcements
You'll also have some tax advantages when it comes to interest on savings, and capital gains on assets and investments. Within a marriage or civil partnership, interest-earning assets can be transferred from the higher-earning partner to the lower-earning partner. This means if one of you pays tax at a lower rate or has some tax-free allowance available, as a pair you can make overall savings. There’s also no capital gains tax to pay when transferring assets between you, and you can combine your capital gains tax allowance so you can earn more before having to pay tax.
Your marriage or civil partnership is a good time to make or review your will. See our guide to estate planning.