A Nil Rate Band Discretionary Trust Will used to be effective for reducing Inheritance Tax. In certain circumstances that will continue to be the case particularly for partners who are living together but are not in a civil partnership nor married.
However, for married couples, depending on their circumstances, a Nil Rate Band Discretionary Trust Will may now be disadvantageous and a review by one of our consultants is recommended.
Conversely, if you are a widow(er) and have remarried there are certain circumstances where a Nil Rate Band Discretionary Trust Will can still be used to reduce Inheritance Tax.
If a family member has died and their Will contained a Nil Rate Band Discretionary Trust and professional assistance was not sought at the time please contact us. There may be work that needs to be done with regards to the estate of the deceased.
A Nil Rate Band Discretionary Trust Will can be very advantageous but it can also cause problems if the Will is not reviewed.
If you would like to meet with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here. Don’t delay ~ Act today!