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IHT planniong

Dear all, looking for some help to whether a married couple need to write a Will or not.

They are joint owners 50/50, is this the right thing to have?
Price of the property is about 500K, is there an IHT applicable ?
Do they need a will to transfer the property to the other on first death?
They have 3 grown up children, how does one benefit them most?

thanx,
sebastian
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