Standard will: gift to children of IHT nrb

This will is a very simple “Nil rate band” will for the purposes of inheritance tax (“IHT”). Under the law at August 06, no inheritance tax will be payable on your death. IHT will be payable 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. It assumes that the children are all over 18 ‘ that is, they can receive the gift themselves, not via a trust. The residue of the estate passes, without IHT, to the spouse. The children are also provided, by default, any business or other non-chargeable assets.

This document is suitable for middle aged or older parents whose children are fully fledged. There is no settlement for IHT purposes, so the children can permit widow/er to live in house if that is part of property given.

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”).