I've been told that if you don't make a will, if your estate is over some amount, 250K I believe, the government takes the rest or wants 40% of the rest? Is this true? My wife and I live in the south east, and not surprisingly, our house is worth around this figure, so I'm a little concerned, should I die (the house is in my name) that she might get a large tax bill, if I do not make a will. Surely this is not right?
To complicate matters slightly, my wife is not English, so is not domiciled here for tax purposes.
Kind Regards, Shane Cook.