This article sets out the basic principles of the main residence nil rate band, otherwise known as the 'family home allowance'. The allowance is set to be phased in from 6th April 2017.
As the article explains, your family home does not necessarily need to be specifically referred to in your Will for your estate to qualify for the allowance. However, the new legislation is a useful reminder that you should review your Will every 5-7 years to ensure that no changes are required.
Currently each individual can leave assets worth £325,000 without being subject to inheritance tax at 40pc. Within a married couple, each individual has the full allowance. If your spouse dies, you have to apply for their unused "nil-rate band", their allowance, to be transferred to you. Announced last year, the family home allowance increases the amount that you can leave to direct descendants without being taxed if a main residence is included in your estate.