Discretionary trust will: Creates IHT nrb, residue to spouse

This will provides for a “Nil rate band” gift into a discretionary trust for any of your listed potential beneficiaries. Of course you will have left a “side letter” setting out your precise preference as to the distribution of the funds in the trust. Under the law at August 06, no inheritance tax will be payable on your death. IHT will be payable instead, on the death of your spouse. This is a simple way to minimise IHT. This will document allows the testator to give specific gifts or personalty or real estate to anyone. It then allows the testator to give a gift to the children, up to a maximum amount of the current nil rate band. The residue of the estate passes, without payment of IHT, to the spouse. It provides the provision for guardianship of the children, should both parents die together. The trust fund that is set up for the children keeps them. There are wide powers of the trustees. The children are also provided, by default, any business or other non-chargeable assets. This document is suitable for parents of any age. This document is especially useful to cover an unexpected accident.

The Net Lawman wills are suitable for most situations. If the will you need is not here, we can draw a will to your precise instructions for a very reasonable fee.

In these descriptions: “remainderman" means the person entitled to capital and any accumulated income after the death of a person with a life interest (a “tenant for life”).