Standard will: IHT nrb disc trust resid to spouse for life

This will combines several simple features to avoid all liability
to IHT. First, gifts to anyone, as required. But that will use up
some of your nil rate band. Second, you create a
discretionary trust of (the balance of) your nil rate band. This
gives your trustees great flexibility, to deal for example with
a family business. You instruct your trustees in a side letter
exactly how you would like them to exercise their discretion
among the beneficiaries you have named in your will. We
provide an example letter of instruction. 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. All the rest of your estate
(residue) goes into a second trust to your spouse for life,
remainder (after her death) to your children. Inheritance tax
on the remainder will of course be payable as part of her
estate when she dies. Children also given by default any
business or other non-chargeable assets up to value you
specify. Full trust provisions with wide powers to trustees
Suitable for: anyone middle aged or older parents. No
settlement for IHT purposes, so children can permit widow/er
to live in house if that is part of property given, without tax
consequences