Discretionary trust will: creates nil residue band for IHT, residue to husband, wife or partner
This will provides for a “Nil rate band” gift into discretionary
trust for any of your listed potential beneficiaries. Of course
you will have left a “side letter” setting out your precise
preference as to the distribution of the funds in the trust.
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. Gifts to
anyone, as required. NRB gift into trust, then all residue to
spouse (who will receive free of IHT). Trust also given by
default any business or other non-chargeable assets.
Provision for guardianship of children if you both die. Cash
could be used in any way - to pay guardians or direct to
children. Guardians may use money generally. Full trust
provisions with wide powers to trustees
Suitable for: anyone; parents of any age, to cover
unexpected accident
About this document
This will is a very simple “Nil rate “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 personality 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: "remainder man" means the person entitled to capital and any accumulated income after the death of a person with a life interest (a tenant for life).
Application
and features
Comprehensive templates - delete what you do not need
Inclusion of sensible administrative provisions
Use of plain English
Comprehensive explanatory notes
Contents
Details of the testator
Details of executors and trustees
Specified gifts of money
Specified gifts of property (personality or real estate)
Entire residue of estate to pass to surviving spouse
Trust for child guardians
Trust for children
Provision for professional trustees or executors to charge a reasonable fee for their services
Trust fund management
Trustees general powers
Minor beneficiaries
Relationship with beneficiaries
Funeral wishes
Example letter of intent
Extensive notes to guide you
Word
Count (approximate):
Document: 2150
words
Explanatory notes:
2315
words
Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
