You will need to review your will

The use of nil rate band discretionary trusts in wills were very common for those who exceeded the nil rate band limit in 2007. They are no longer as effective and so a review is essential.

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You will need to review your will

The use of nil rate band discretionary trusts in wills were very common for those who exceeded the nil rate band limit in 2007. This means that if you left your estate in a discretionary trust on the second death, you need to review your will as soon as possible.

Importance of will review

The new residential nil rate band

The discretionary trust would have been used to protect your assets for your children against divorce or bankruptcy. But now, if your estate is all passed to a discretionary trust, the new residential nil rate band (RNRB) cannot be used. This potentially means a couple not using two allowances of £125,000 each which could mean an additional IHT bill of £100,000.There are complex and confusing rules around using the RNRB. If you have sold your main home after the 8th July 2015, downsized or moved to a nursing home, you may be caught by these rules. Therefore, you will need to review your will as soon as possible. Hundreds of thousands of wills will be affected by these rules, and so it is best if you review your will as soon as possible. The new IHT RNRB allowances means that any IHT planning measures which you may have previously done, which includes discretionary trust planning, will need to be reviewed and possibly changed. While these new allowances will benefit a lot of people, you will still need to be advised as to the best way to protect your assets. The best and most efficient way to do so is by contacting us so we can help you protect your beneficiaries’ money on IHT. In summary, if you have an IHT problem now or are likely to have one due to the growth in the value of your house before you die, please call us to see how we can help you.

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The information contained in this web site is for UK consumers only.  Like most firms of solicitors and accountants, Bluebond Tax Planning is not regulated by the FCA. The content of this website does not constitute FCA regulated financial advice and all content is provided for general information purposes only. Bluebond is not responsible for any action you may take as a result of information on this site. All advice will be delivered on a personal basis once we fully understand your situation and our client agreements have been signed.

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