Wills to maximise NRB and enhancements

Aim

To consider the wording of wills to maximise the IHT saving over a married couple’s joint estate utilising the available Nil Rate Band (NRB) and all its enhancements be it transferred NRBs, Residence NRBs (RNRB) and any transferred RNRBs (TRNRB) and any downsizing allowance.

Outcome  

Participants will be able to structure wills appropriately to suit the client’s circumstances.

 Agenda

• Should you include a NRB discretionary trust to operate on the first death?
• Should you transfer an interest in the property to any NRB discretionary trust or use the charge scheme?
• What should you do if the client was a widow/er who re-married?
• Can an outright gift be made of the deceased’s residence; or must a trust be used? Which trusts preserve eligibility for RNRB?
• How might a share of a property preserve the RNRB, TRNRB and any downsizing allowance?