If you have a potential inheritance tax liability then the type of will you have can affect how much IHT is due. For example, if your will states that you want all of your assets to go into a discretionary trust then you are not gifting your share of the family home to your direct descendants, and instead you are gifting it into a trust. As such, your estate will not be able to claim any of the new residential nil rate band.
There may be circumstances when you have a potential inheritance tax liability but still want to gift your assets into a trust but this should only be decided on after you have all the facts and are able to make an informed decision.
If you would like to discuss the new residential nil rate band or are unsure if your current will is still suitable for you, then call us or complete the form below and we will call you today.
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There’s no obligation to act on anything we tell you, but if you do wanted listen to our advice and tell us to do the work, that’s when we will charge a fee.