Will and Last Testament with discretionary trust and IHT nrb

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 if all the balance of your estate is paid to your spouse. IHT will be payable on the death of your spouse.

This will also provides for the creation of a second discretionary trust, into which all your remaining assets are given. This will include assets on which IHT is or may be payable, such as assets subject to exemption or partial exemption which you did not include in the nil rate band trust, as well as assets which may be liable to the full charge. This enables your trustees to re-arrange your estate so as to minimise tax or pay some people and not others. IHT is payable on the “re-arranged” estate. It is essential that your trustees take such steps within two years of your death, or the opportunity is lost. This is a simple way to minimise IHT.

This will document is suitable for anyone who wants to make the most of the loop holes in the law so as to minimize tax payments.

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”).